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The Canadian Press - ONLINE EDITION

Interest rates down as Spain's sells $5.97 bln in successful bond auction

By: The Associated Press

Posted: 01/17/2013 5:21 AM | Comments: 0 | Last Modified: 01/17/2013 7:12 AM

A man speaks on a cell phone in the business district of Madrid, Thursday Jan. 17, 2013. THE CANADIAN PRESS/AP, Paul White

MADRID - Spain has sold €4.5 billion ($5.97 billion) in a medium- and long-term bond sale that saw interest rates dropping as market fears ease over whether the country will need outside help to manage its finances.

The Treasury sold €2.41 billion in three-year bonds at an average interest rate of 2.71 per cent, down from 3.35 per cent in the last such auction Dec. 13.

It also moved €1.58 billion in five-year bonds at 3.77 per cent, compared with 3.98 per cent Jan. 10, and placed €512 million in bonds maturing in 2041 with a yield of 5.69 per cent.

Spain's borrowing costs have dropped from unsustainable highs last year after the European Central Bank offered to help countries struggling with their debts.

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