SCOREBOARD: Strong bonds

Spain and Italy are raising money with greater success, but softer data halted market momentum.

Well the good news is that Spain and Italy are raising cash much more cheaply than they were only a month ago. Spain issued €4.272 billion of a 4 per cent 07/2015 bond at a yield of 3.38 per cent, which compares very favourably to the 5.187 per cent they had to pay in December. Bid/cover was good at 1.8 and it was even better for the 04/2016 bond, at 2.2 (yield of 3.748 per cent, down from 4.871 per cent last time). The 10/2016 bond went out at a yield of 3.912 per cent, which is down sharply from the 4.848 per cent they paid last time and given the original target was for €4-5 billion and they put out basically double that, it was regarded as a very good auction indeed.

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