Spain borrowing costs soar in debt auction
The Associated PressMADRID ? Interest rates on short-term Spanish debt have soared in a bill auction, highlighting how wary investors are of the country's financial woes.
The Treasury raised (EURO)3.39 billion ($4.28 billion) in 12- and 18-month bills, more than its upper target of (EURO)3 billion, but the cost skyrocketed.
The interest rate on the 12-month bills shot up to 5.07 percent from 2.98 percent at the last such auction on May 14. The rate on the 18-month bills soared to 5.10 percent from 3.3 percent.
In the secondary market, where issued debt is openly traded, the yield on 10-year Spanish bonds remained perilously high at 7.13 percent on Tuesday.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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