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Spain's borrowing costs tumble in 2014's first sale

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Spain's borrowing costs tumble in 2014's first sale
12:18 CET+01:00
Spain's long-term borrowing costs fell on Thursday in its first bond sale of the year, the central bank said, amid signs of financial strengthening in crisis-hit eurozone economies.

Spain borrowed €5.287 billion ($7.12 billion) in a sale of five- and 15-year bonds.

For five-year bonds, the rate was the lowest since Spain started using the euro exclusively in 2002.

For ten.year bond, this rate was at the lowest level since 2006.

Demand was more than double the supply and the repayment rate on the 15-year bond declined strongly to 4.192 percent, the bank said.

On Monday US newspaper the Wall Street Journal talked up Spanish bonds in 2014, saying the country could outpace Italy.

 
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