Spain: Bonos auction full, rates down

Spain fills up the auction of short-term government bonds by recording a drop in rates. The Iberian Treasury placed 3 and 9-month bonds for 3,52 billion euros, beyond the maximum target of 3 billion. The average yield on the quarterly bond fell to 0,442% from 0,869% at the June auction and on the 9-month bond the rate fell to 1,152% from 1,441%. There was strong demand for the 3-month period with a coverage ratio that rose to 4,03 from 2,94, while for the 9-month period demand fell to 2,27 from 2,42.