Thu Nov 8, 2012 6:01am EST
* Auction shows investors willing to take on longer-term debt
* Could help government delay expected aid request
* Treasury can now focus on 2013 financing needs
By Nigel Davies
MADRID, Nov 8 (Reuters) - Spain sold 4.8 billion euros of debt including its first longer-term issue in 18 months on Thursday, enough to complete its 2012 financing programme and begin raising funds for next year as the government weighs seeking international aid.
The sale included 20-year bonds for the first time in a year and a half, a sign that there is interest in investment in Spain over a longer horizon, although those bonds, raising 731 million euros, yielded 6.328 percent, high by historical standards.
The bulk of the sale - 3.04 billion euros - was made up of a new 5-year bond yielding 4.680 percent. The treasury also sold 992 million euros of a 2015 bond at 3.660 percent yield, cheaper than its 3.956 percent yield when last sold on Oct 4.
The successful auction finished the country's bond issuance programme for the year ahead of schedule. That will allow the Treasury to start making headway on its plans for next year, which will include another round of financing for the country's regions, largely shut out of capital markets.
The total sold was more than the treasury's target of 3.5 billion to 4.5 billion euros. The cash raised could encourage Prime Minister Mariano Rajoy to hold out for now in a request for European aid, although analysts still think Spain will need to call on the European Central Bank's firing power before long.
"It will reinforce the government's view that there's no need for a bailout at this juncture, but as the refinancing needs of 2013 come to the fore, I think they'll be forced into the hands of the ECB," said Nick Stamenkovic, rate strategist at Ria Capital Markets.
Yields for Spanish debt have come down sharply in recent months from levels seen as unsustainable after the ECB announced plans to buy bonds from troubled euro zone countries and serve as a lender of last resort.
Spain remains at the centre of a euro zone crisis as it battles to control its public deficit while suffering falling revenues in a tough recession.
Its position has been helped by the debt backstop from the ECB, which promised to buy debt of struggling euro zone states if a request for help is made and strict conditions are met.
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