Yields Dive At Spanish T-Bill Auction

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Europe Update: Yields Fall at Spanish T-Bill Auctions

Spanish T-Bill auction sold €3.61 billion of 3- and 6-month T-bills which was above the target for a range of €2.5 billion-€3.5 billion.

€1.67 billion of 3Month T-bills were sold at an average yield of 0.946%, which was well below the prior auction’s rate of 2.94%. The bid-to-cover was 3.35 vs prior 2.94.

€1.93 billion 6 Month T-bills were sold at average yield of 2.026% vs prior 3.02% . The bid-to-cover 2.17 vs prior 3.02.

In economic news, final Q2 GDP came in at -0.4% on a quarterly basis, which was in line with consensus and -1.3% on an annual basis (consensus had been for -1.0%)

Other stories on Europe to review:

• German IFO Continues To Falter
  
• German Industrial Production Falls in June
  
• Manufacturing Orders Decline in June
  
• Italy's Economy Contracts for 4th consecutive quarter
  
• Draghi Fails to Deliver
  
• ECB Leaves Rates Unchanged
  
• Eurozone PMI's Confirm Ongoing Contraction
  
• ECB To Do 'Whatever It Takes' to Save Euro
  
• Spain Enters Recession in Q2
  
• Industrial Production Down -2.8%
  
• EU to Jumpstart Loans to Spanish Banks
  
• Bank of England Launches 3rd Round of QE
  
• EU Leaders Announce Measures To Ease Crisis

  iShares Spain - Last 12 Month

 

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