2012.06.04 16:12:09 Spain Completes 56% Of Mid- And Long-Term Bond Issuance

Spain's government sought to reassure investors Monday about its funding needs for the year after its borrowing costs soared in recent weeks on concern about costs of bailout out the country's banks. As of last week, Spain had issued 56% of the mid- and long-term bonds planned this year and the average cost of debt remains "subdued" despite the recent spike in yields, the treasury said. In a presentation for investors, the treasury said the government is "well ahead of its funding program for the year." Yields on the benchmark 10-year bond remain well above 6%, having last week approached 7%, the level seen as necessitating a bailout. Write to david.roman@dowjones.com (END) Dow Jones Newswires June 04, 2012 10:12 ET (14:12 GMT)