A great olé for this morning's ( Thursday 12 ) Spanish bond auction. The sale raised a whopping EUR 10 billion – double the target. Yields were between 3.3 and 4.3 percent – representing a drop from the initially announced 5.4 percent.

Speaking on Spanish radio Márian Fernández, strategy director for Inversis Bank, said “The initial impression was that there would be a good offer. But obviously it has been a surprise that it was so high.” European shares and currency appear already buoyed by the results.

Liam Lever, liam@romania-insider.com