Spanish auction results: Tesoro sold a total of Eur 3.18 bln of 12 and 18mth Letra out of a targeted Eur 2-3 bln

Sold Eur 2.09 bln of April 19 2013 Letra, yield 2.623 % (from 1.418%), cover 2.9 (from 2.14)

Sold Eur 1.09 bln of October 18 2013 letra, yield 3.110 % ( from 1.711%), cover 3.8 (from 2.93)

Expected high yields, but strong cover and above allocated take up. EUR’s heading higher on the results