Lower yields in Spanish auctions

FXstreet.com (Edinburgh) - Yields in today’s Spanish auction of Letras have surprised investors. Letras expiring in 3 months yielded 0.442% vs. 0.869% previous, while yields from Letras maturing in 9 months fell to 1.152%, down from 1.441%. Spain sold €3.52 billion, above the initial target at €2.5-3.5 billion, representing 72.9% of the annual target, over €88.3 billion so far.