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Spanish/French bonds find favour in auction

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Spanish/French bonds find favour in auction

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The first test of investor confidence since combined action by six central banks saw Spain selling nearly four billion euros of bonds.

But Spain had to offer the highest rate of return since 2005 to borrow for five years.

France too decided to sell 4.3 billion euros of debt but the cost of borrowing over ten years was 3.18 per cent – less than in early November.

Analysts said the central bank action helped produce ‘pretty good’ results.