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Spain raises $3.8 billion in 1st test since summit
Spain raises $3.8 billion in first test of market sentiment since EU summit
By The Associated Press

MADRID (AP) Spain managed to auction 3 billion ($3.8 billion) in medium-term debt Thursday, in the first such sale since an EU summit last week that's been generally supported in the markets.

The Treasury achieved the maximum of its 2 billion - 3 billion range in the auction of three-, four- and 10-year bonds.

But investors exacted somewhat of a price the interest rate on the sale of 747 million worth of benchmark 10-year bonds rose to 6.43 percent from 6.04 percent at the last such auction on June 7. This was the highest rate since November of last year.

However, the rate on 3-year bonds fell from 5.5 percent to 5.1 percent. The rate on the four-year bonds was 5.54 percent, but no comparable rate was available.

Demand was strong for all three maturities auctioned on Thursday.

The summit last week was perceived as a victory for Spain and Italy because euro leaders agreed to allow the permanent bailout fund to recapitalize troubled banks directly, rather than through governments, which would add to their debt burdens.

On the secondary market, Spanish 10-year bonds were trading at 6.51 percent, up 17 basis points for the day.

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