Spain passes key bond test, France also in demand
By John Stonestreet
MADRID (Reuters) - Spain passed its biggest test of market sentiment so far this year on Thursday, selling far more longer-term debt than expected as the government pressed ahead with efforts to tackle its problems with the help of a European Central Bank backstop.
In Paris, France also drew strong demand at its first bond auction since Standard and Poor's stripped the country of its AAA credit rating.
Spain's first 10-year bond offering since mid-December raised 3 billion euros at a yield of 5.403 percent, broadly in line with analysts' expectations.
Comment: Looks like a nice opportunity to buy Italian bonds along with Spain and France, maybe even a bit of Greek bonds. Anyway, it's time to end shorting the euro and go long on the eurozone -stocks, bonds, currencies.