Spain sells EUR 5.546 vs exp. EUR 5.0-6.0bln 2.60% 2031, 2.55% 2032 and 3.30% 2036 Bono

• 2.60% 2031: b/c 1.79x (prev. 1.95x) & average yield 2.934% (prev. 2.577%)
• 2.55% 2032: b/c 2.93x (prev. 1.94x) & average yield 3.079% (prev. 2.716%)
• 3.30% 2036: b/c 2.26x (prev. 2.52x) & average yield 3.476% (prev. 3.167%)

Spain's bond auction saw a total sale of EUR 5.546 billion, slightly above expectations, with varying demand metrics across maturities. While the bid-to-cover ratios declined for some bonds, the average yields increased significantly, indicating a shift in rate expectations and potential implications for the broader fixed income market.