Spanish €3.4bn debt auction allays bailout concerns

Spain's €3.4bn sale of long-term debt has dampened fears the eurozone country could be next in line to need a bailout.

The sale of the bonds, which mature in 2021 and 2023, met the top end of the auction target, from €2.5bn to €3.5bn. The 10-year debt yields 5.5%, up from 5.2% at the last auction in March, the FT reports. Concerns over a possible restructuring of Greek debt earlier in the week stoked fears and saw the interest rate to hold 10-year Spanish bonds soar to its highest level in over a decade, rising to 5.56%. Greek three-year bond yields hit over 21% on Monday, their biggest daily rise since October last year. Yet Greece held a successful debt auction yesterday, selling €1.6bn of 13-wee...