WSJ:

Thursday’s Spanish bond auction was seen as a key test of demand for bonds issued by highly indebted euro zone countries. If the latest results are a glimpse into the future, Spain should be very, very worried.

The country paid nearly 7% to flog bonds due in 2022. Despite the fact that the yield on offer was the highest ever at an auction since the advent of the euro, the sale only attracted a measly 1.5% cover ratio.