Spain Raises €2.4B in T-Bills as Auction Yields Climb

Spain raised €2.42 billion in its latest Treasury bill auction on Tuesday, encountering higher yields across both three-month and nine-month maturities as investor demand mixed between the offerings, according to an Investing.com report.

Three-Month and Nine-Month Yields

The Spanish Treasury allocated €941 million in three-month bills at a yield of 2.456%, rising from 2.387% at the previous auction. The corresponding price dropped to 99.431 from 99.447 previously.

Simultaneously, the nine-month paper raised €1.476 billion at a yield of 2.776%, moving up from the 2.605% recorded at the prior sale. The price for the nine-month bills declined to 97.990 from 98.112.

Diverging Bid-to-Cover Ratios

Investor demand showed divergent trends between the two tenors during the auction process. Bids for the three-month bills totaled €2.916 billion, which pushed the bid-to-cover ratio up to 3.1 compared to 2.8 at the last auction.

Conversely, bids for the nine-month paper reached €3.951 billion, causing its bid-to-cover ratio to slip to 2.7 from 3.0 previously.