Spain raises $3.85B in latest bond auction

MADRID (AP) — Spain has raised nearly euro3 billion ($3.85 billion) in 15-year bonds, easing market tension over its ability to find financing because of its heavy debt load and frail economy.

Demand for the bonds more than doubled the amount offered Thursday and helped allay fears that Spain will have trouble servicing its debts.

"This result confirms that appetite for Spanish paper is alive," analysts at UniCredit Research said.

The average interest was 5.116%, up from 4.43% for the same bonds in April.

Last week, Spain sold euro6 billion in syndicated 10-year bonds.

Spain must meet euro16 billion in redemptions on July 30, even as it struggles to emerge from nearly two years of recession.

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