Despite Higher Rates Spanish Debt Auction Runs Smoothly
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Yields on 10-year Spanish bonds have falling to 6.45 percent, significantly lower than highs above 7 percent seen early this week. Yields in other European counties are also lower. As a result, WisdomTree Dreyfus Euro ETF (NYSE: EU), which owns government debt in Europe, opened higher.
The downturn in yields comes as Spain successfully managed selling $2.8 billion in bonds today, above its target amount. The successful auction shows that there is still demand for Spanish debt, albeit at a significantly higher rate compared to previous auctions.
Equity markets opened flat to slightly positive on Thursday. SPDR S&P 500 ETF (NYSE: SPY) is higher by 0.15 percent on the open.
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The downturn in yields comes as Spain successfully managed selling $2.8 billion in bonds today, above its target amount. The successful auction shows that there is still demand for Spanish debt, albeit at a significantly higher rate compared to previous auctions.
Equity markets opened flat to slightly positive on Thursday. SPDR S&P 500 ETF (NYSE: SPY) is higher by 0.15 percent on the open.
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