Spanish and Italian bond yields were surging midday in Europe after Spain moved just €2.6B in paper at an auction, having hoped to raise €3.5B. It was Spain's first bond sale since laying out a 2012 budget that showed public debt soaring to a record. Spanish 10-year yields were +22 bps to 5.67%, and Italian 10-years were +19 bps to 5.34%.
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