PARIS — The Spanish government sold €3.5 billion of bonds Thursday, the maximum set for the auction, easing investor worries that the country will struggle to make ends meet without outside help.
The successful sale, worth about $4.3 billion, helped push European stocks and the euro higher.
The yield on the benchmark 10-year Spanish note fell 5 basis points, helping most other peripheral European bond yields decline as well. On Wednesday the spread on the 10-year Spanish benchmark bond had moved to its widest level over its German equivalent since the inception of the euro, as investors worried about the fiscal situation in the country.
Spain sold €3 billion of 10-year debt at an average yield of 4.864 percent, less than the 5.04 percent that the bonds were trading at just before the sale.
Demand was 1.89 times the amount on offer. It also sold €479.2 million of 30-year debt at 5.908 percent, and the bid-to-cover ratio was 2.45, higher than the 1.38 at the previous sale in March.
Despite the relief at the auction result, Spain has a long way to go before it has convinced investors that the worst is over.
“With the current liquidity arrangements in place there seem few doubts about the ability to find buyers but the quality of the order book (difficult to find out in an auction) is important,” analysts at Deutsche Bank said in a research note. “Greece started to have real problems when the market started to realize that domestic banks were making up a sharply higher percentage in the third of the three syndicated deals earlier this year.”
Spain faces a host of financial issues. It will need to pay back investors €24.7 billion in July, while it has announced austerity measures to cut its deficit and is recapitalizing some of its banks.
There has recently been speculation — strongly denied by officials — that Madrid might even have to turn to the International Monetary Fund or its euro-zone partners for financial aid.
Spanish stocks rebounded on Thursday; the Ibex 35 index in Madrid gained 1 percent. The broad Euro Stoxx 50 index added 0.7 percent. The Standard & Poor’s 500 Index jumped 0.5 percent suggesting a stronger opening on Wall Street..
The euro also rebounded, and was quoted at $1.2379 in London from $1.2310 late Wednesday. The Swiss franc appreciated against a range of currencies after the Swiss National Bank appeared to soften its stance on restraining the currency.
Shares in BP, the oil giant, rallied 7.4 percent after the company scrapped dividends and pledged asset sales to meet President Barack Obama’s demand for a $20 billion fund to help victims. Still, the shares are down 40 percent so far this year.
The benchmark light, sweet crude oil futures contract was quoted at $77.10 a barrel in pre-market trading on the New York Mercantile Exchange, down 47 cents a barrel.
By MATTHEW SALTMARSH
Tags: business, economic recovery, euro zone, european economy, european stocks, financial markets, financial stocks, financial system, IMF, wall street
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