Spanish treasury sells €3.13bn on market

The Spanish treasury on Thursday placed treasury bonds worth 3.13 billion euros (4.19 billion U.S. dollars) to the market, exceeding expectations and registering a high demand of 7.91 billion euros.
A total of 1.17 billion euros worth of five-year treasury bonds carried an average interest rate of 1.422 percent, below the 1.568 percent during the previous issue on July 3.
The remaining 1.95 billion euros worth of 10-year treasury bonds fetched an average interest rate of 2.686 percent, above the 2.091 percent of the previous issue.
After the auction, the IBEX-35 stock market in Madrid fell 0.77 percent to 10,167 points, while Spain’s risk premium stood at 145 points.
So far, the Spanish treasury has covered around 75 percent of the country's financial needs for 2014. The Spanish treasury will hold two more auctions on Aug. 19 and Aug. 26 respectively. (1 euro = 1.33 U.S. dollars)