Spanish auction results: Sold a total of Eur 2.59 bln of 2016 Bono and 2015/2020 obligacion out of a targeted Eur 2.5-3.5 bln

Poor take up and EUR/USD’s slipping again….

Sold Eur 973 mln of 4.25% Oct 2016 Bono, yield 4.319 % (from 3.376%), cover 2.5 (from 2.6)

Sold Eur 1.127 bln of 4.4% Jan 2015 Obligacion, yield 2.890% (2.440%), cover 2.4 (5.0)

Sold Eur 489 mln of 4.85% Oct 2020 Obligacion, yield 5.338 % (5.156%) cover 3.0 (2.0)

Weak take-up, rising yields and worse cover…not a good auction