Spain's Treasury auction saw solid demand on Thursday sending U.S. futures higher. Spain issued 2.5 billion in Euros or 3.3 billion in U.S. Dollars across 2 and 10 year bonds.  Although demand was high – yield ticked higher compare to the last auction in January.  Within the secondary market yields for both were slightly below primary sale.

The Numbers

Spain’s Treasure was able to sell 1.1 billion Euros bonds that mature on October 31, 2014. The bonds average a yield of 3.463% with a bid to cover of 3.3 compare to a ratio 2.0 previously.

Spain was able to sell 1.4 Euros in 10 year bonds that mature on January 31, 2022 with a yield of 5.743%.

The Demand

The auction was 2.4 times subscribed compared to previous auction of 2.2 in January when yield averaged around of 5.403%