Spain sold €4.57B of debt at auction Thursday, above its target. Three- and five-year bonds yielded 2.247% and 2.789% respectively while a note due in 2026 yielded 4.336% — borrowing costs dropped for all the maturities auctioned compared to the last time comparable debt was sold. Bid-to-covers were 2.34 for the three-year, 2.24 for the five-year, and 1.62 for the 2026 bond.
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