The Spanish treasury on Tuesday placed treasury bills on the market valued at 4.917 billion euros (5.458 billion U.S. dollars) at negative interest rates.
A total of 4.432 billion euros worth of 12-month treasury bills carried an average interest rate of minus 0.187 percent, compared to the minus 0.078 percent of the previous auction. The placement also included 486 million euros worth of six-month treasury bills that fetched an average interest rate of minus 0.246 percent, which was below the minus 0.137 percent of the previous auction.
The auction was considered a success taking into account the context of Brexit, the results of Spain's June 26 general election in which no government was formed, and the EU Economic and Financial Affairs Council (ECOFIN) meeting to discuss the country' s deficit public deviation of 2015.
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