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Originally published Monday, April 16, 2012 at 3:35 AM

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Interest rates jump in Spanish debt auction

Spain has sold more than (EURO)3.2 billion ($4.2 billion) in short-term debt with demand strong but interest rates sharply higher, reflecting continuing investor concern over the country's finances.

The Associated Press

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MADRID —

Spain has sold more than (EURO)3.2 billion ($4.2 billion) in short-term debt with demand strong but interest rates sharply higher, reflecting continuing investor concern over the country's finances.

The Treasury paid a yield 2.6 percent on selling (EURO)2.1 billion ($2.7 billion) in 12-month notes compared to 1.4 percent in the last such auction March 20. It paid 3.1 percent to sell (EURO)1.1 billion ($1.4 billion) in 18-month-bills, up from 1.7 percent.

The department had set an upper target of (EURO)3 billion ($3.9 billion) for the sale Tuesday.

Demand was almost triple the amount offered for the shorter-term notes and almost four times that for the 18-month bills.

Spain's borrowing costs have risen sharply in recent months despite a series of reforms aimed at calming market nervousness.

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