Spain had a 3 month and 6 month bill auction today. The good news is that the auction was able to get off (ie: Spain raised the money). The bad news is that the rates to clear the auction were higher at 2.43% for the 3 month bill and 3.69% for the 6 month bill. To put this into perspective, the US can sell 10 year debt for about 1.5%.
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| Source: Bloomberg Here are the details of the auction...
And Spain's ever increasing 2 year yield.....
Looks like someone is trying to keep the yield below 6.5%. Could we possibly hear of the ECB reactivating their SMP program with Spain being the benefactor? |
