Spain hits 2013 debt market targets

Spain announced on Tuesday it had completed its programme aimed at raising €121 billion ($164 billion) from the debt markets to finance the state in 2013.

The Economy Ministry said it had raised €121 billion in medium- and long-term bonds since the start of the year, meeting the full-year target.

The news brought down the curtain on a year that began at a time of great tension amid fears of an all-out sovereign bailout for Spain, the eurozone's fourth largest economy.

After being pushed to the brink of a bailout in mid-2012, Spain was notably helped by the European Central Bank's vow to intervene on the bond market if need be to save troubled eurozone states.

As its economy emerges gingerly from recession, Spain also aims to complete in January a €41.3-billion banking rescue, financed by a loan from its eurozone partners.

Spain's government announced the bond financing milestone as the Treasury raised €4.5 billion ($6.1 billion) in an auction of three-month and nine-month debt securities, at the top end of the target range of €3.5-4.5 billion.

Bank of Spain figures showed Spain had to pay a higher rate for the three-month bonds — 0.405 percent compared to 0.294 percent in the previous comparable auction on October 22nd.

But it enjoyed slightly lower borrowing costs on the nine-month bills, with the yield declining to 0.662 percent compared to 0.682 percent on October 22nd.

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