Rajoy can only be satisfied: the markets appreciated the 15 billion maneuver approved yesterday by the Spanish Parliament. The Iberian Treasury placed 9,98 billion 3- and 4-year Bonos this morning, more than double its targets of 4 and 5 billion respectively. Interest rates fell sharply to 3,38% (expiring in July 2015), 3,75% (April 2016) and 3,91% (October 2016). Yields therefore remained below the 4,02% observed in the last auction in 2011, where Madrid failed to place more than 2,4 billion government bonds.
It dives lo Bonos-Bund spread at 335 basis points with a 5,2-year bond yield at 1,12%. Sprint also for the Madrid market where the Ibex gains XNUMX%.
Also excellentbot auction in Italy: the Treasury placed all 8,5 billion 12-month government bonds with yields dropping to 2,735% from 5,952% at the last auction.
