Ministry of Hajj issued over 150,000 Nusuk cards for the Hajj of 2025    Saudi Arabia deports 12,866 illegal residents in a week    SFDA clears first 44-ton medical shipment for Hajj pilgrims    Over 13 million worshipers pray at Rawdah Sharif in a year    Pope Francis laid to rest at historic funeral in Rome    Massive explosion at Iran's Shahid Rajaee Port injures over 500 people    Russia claims full control of Kursk region after ousting Ukrainian forces    Former US congressman George Santos sentenced to over 7 years for fraud and identity theft    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Nammos Amala Resort to open soon with Saudi-Greek designs    Saudi Arabia completes 674 Vision 2030 initiatives, achieves 93% of KPIs as ninth-year milestone marked    GACA chief chairs 16th meeting of the Steering Committee on aviation's strategy    Alkhorayef praises advancements in Al-Kharj food industries sector    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Saudi Arabia open to expanded 64-team World Cup in 2034, says sports minister    Jennifer Lopez dazzles in Jeddah with a Formula 1 performance    Average life expectancy in Saudi Arabia rises to78.8 years    Famed Philippine film star Nora Aunor dies at 71    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Spain completes financing with $6b auction
Published in The Saudi Gazette on 09 - 11 - 2012

MADRID — Spain's government has met its financing needs for the year after raising €4.76 billion ($6.07 billion) in a bond auction on Thursday.
The Treasury said it had reached the bond auction target of €86 billion although it has a half dozen more sales before the year's end. The average interest rate it has paid in auctions so far in 2012 was 3.40 percent, down from a 3.90 percent average for all of 2011.
It sold €3.04 billion in five-year bonds on Thursday at an average interest rate of 4.68 percent, down from 4.77 percent in the last such auction Oct.
4. It also sold €992 million in three-year bonds at 3.66 percent, down from 3.96 percent on Oct. 4 and €731 million in 20-year bonds at 6.33 percent.
Demand was more than double the amount offered for the five- and 20-year bonds and just under that for the three-year ones.
Spain's government borrowing rates have eased gradually in recent months since the European Central Bank said it is ready to buy Spanish bonds. The bond purchases, however, are dependent on Spain asking for a bailout from the other 16 countries that uses the euro, something Madrid has shied away from doing.
In recent weeks, Prime Minister Mariano Rajoy has said he has no immediate plans to ask for rescue aid although he does not rule out a request. Deputy Prime Minister Soraya Saenz de Santamaria said Thursday the fact that Spain had reached its borrowing target for this year would have no bearing on whether it would seek aid.
On Thursday, the interest rate for Spain's benchmark 10-year bond on the secondary market — an indicator of investor wariness of a country's economy— was at 5.8 percent, up marginally on recent days but still way down from the unsustainable highs of 7 percent it reached in July.
The auction came a day after the European Union's executive body, the Commission, predicted Spain's unemployment, currently 25 percent, would rise next year and that the country would have a deficit of 6.4 percent in 2014, more than double than pledged.
Saenz de Santamaria said the government intended to fulfill its commitments to reduce the deficit from 8.9 percent last year to 6.3 percent in 2012; 4.5 percent next year and 2.8 percent in 2014.
Rajoy's government has introduced a series of austerity measures and labor and financial sector reforms over the past 10 months to convince investors it is managing its finances. But the measures have produced much social opposition and labor unions have called a general strike for Nov. 14. It will be the second general strike since Rajoy took office late last year.
In a new cost-cutting measure, Saenz de Santamaria said the government would slash the number of official cars used by ministers, state secretaries and other officials by 66 percent, from 307 to 103, over the next two years to save some €10 million. — AP


Clic here to read the story from its source.