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Spain Sees Cost Surge at Auction

Three-year bonds sold at the highest rate in eight years.

By Angeline Benoit, Bloomberg | Updated on June 21, 2012

Spain paid the most in at least eight years to sell three-year debt ahead of the publication of its banks’ capital needs that will determine how much the euro area’s fourth-largest economy needs from European rescue funds.

The Treasury today sold 2.22 billion euros ($2.81 billion) of bonds, the Madrid-based Bank of Spain said today. That’s above a 2 billion-euro maximum target for the sale. Three-year bonds maturing in July 2015 fetched an average rate of 5.547 percent, compared with 4.876 percent on May 17, and the most since at least 2004.

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