The Spanish Treasury closes 2012 with a positive result. This morning Madrid placed short-term government bonds (Letras) on the market for 3,52 billion euros, recording a new decline in yields.
In detail, they have been placed three-month bond for 1,58 billion at a rate of 1,195%, down on the 1,254% of the previous placement. Also sold titles at six months for 1,95 billion, with an average yield of 1,609%, down from 1,669% at the last auction.
Good the question, equal to 2,9 times the offer for quarterly bonds (against the previous ratio of 3,5 to one) and 2,6 times the offer for half-yearly bonds (against the previous 2,3).
Following this result, the Spanish spread it is back below the 400 basis point wall, at 398, while the Madrid Stock Exchange is up by one point.
