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Spain raises cash in bond sale but at higher cost

Spain raises cash in bond sale but at higher cost

Spain says it raised (EURO)3.39 billion ($4.75 billion) in a 5-year bond auction but interest rates were up considerably since the last auction, indicating investors are still worried about the country's ability to handle its debt.
The central bank says the average interest rate for the auction Thursday was 3.57 percent, up from the 2.96 percent in the last 5-year bond auction Sept. 2.
The bank says the latest auction was 60 percent oversubscribed.
Spain's economy is striving to emerge from nearly two years of recession and posted weak growth in the first two quarters of 2010.
The bond sale came a day after the Labor Ministry said the number of people filing claims for unemployment benefits rose by about 68,000 to total 4,085,976.


Updated : 2021-06-19 20:18 GMT+08:00