By Simon Miller

Spain has sold €2.5bn of bonds in three auctions this morning but at a high price.

Almost €1bn of three year bonds were sold at an average yield of 4.037% - nearly double the auction in March which yielded at 2.617%. However, demand was up with 2.9 bidders for each bond compared to 2.4 two months ago.

Spain also sold €1.5bn of five-year bond in two other auctions with average yields of 4.96% and 4.752% compared with 3.696% and 3.565% previously.

In contrast, the UK sold £1.2bn of 2034 gilts at an average yield of 0.049% with demand at a ratio of 1.93 to one.

France also had a debt auction this morning with €3.3bn of 10-year bonds at a yirld of 2.96% compared to 2.98% paid in April while it also sold €1bn of five-year debt, €1.5bn of 2021 bonds and 13-year bonds, yielding 1.89%, 2.85% and 3.31% respectively.

Spain has got €2.5bn of bonds away at three separate auctions this morning - but it's paid a high price.

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