Short-term bonds successful, Spain completes over 3 billion in financing

⑴ On Tuesday, Spain successfully issued a total of 3.02 billions in short-term treasury bills. ⑵ Among them, 1.05 billions of 3-month treasury bills were issued, with an average yield of 1.939%. ⑶ 1.97 billions of 9-month treasury bills were issued, with an average yield of 2.015%. ⑷ The average yield of the 9-month treasury bills is slightly higher than that of the 3-month bills, reflecting the market's slightly higher return requirement for longer-term funds. ⑸ The smooth completion of this auction indicates that the Spanish government's short-term financing channels remain unimpeded and the market's pricing of its short-term credit risk is stable.