European Bill Auctions Deemed Successful in Spain, Greece, and for EFSF
January 17, 2012
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Europe Update: Auctions Results for Greece, EFSF, Spain
Debt auctions in Europe were considered to have gone well this morning as the EFSF bailout fund, Spain, and Greece all raised fresh capital at lower than expected rates.
Spain sold €3.0 billion of 12-month T-Bills at 2.049%, which was one-half the prior rate of 4.05%. The bid-to-cover was 3.5 vs. 3.1.
Spain sold €1.9 billion of 18-month T-Bills at 2.399%, which was below the prior rate of 4.226%. The bid-to-cover was 3.2 vs. 5.0.
Greece sold €1.63 billion of 3-month T-Bills at 4.64%, which was just below the prior rate of 4.68%. The bid-to-cover was 2.9 vs. 2.91.
The EFSF sold €1.5 billion of 6-month T-Bills at 0.2664% with a bid-to-cover rate of 3.1.
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