SPAIN bond yields surge after expensive auction *PIC*

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Spain bond yields surge after expensive auction ( 10YR_ESP 10YR_ITA ) (by Barbara Kollmeyer)

MADRID (MarketWatch) -- The Spanish Treasury on Thursday sold €3.562 billion ($4.79 billion) of benchmark 10-year paper at a maximum yield of 7.088%, which was the highest yield paid since the euro's inception. The bond represents a new series, therefore yields cannot be directly compared to results of a prior-10-year auction, the Treasury said. On Oct. 20, the Treasury paid a maximum yield of 5.5% on April 2021 bonds, according to Dow Jones Newswires. Spanish 10-year government bond yields (es:10yr_esp) rose to 6.61%. Yields on 10-year Italian government bonds (it:10yr_ita) were above 7%. The market is also awaiting results on a French government bond auction.

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