Spain 10-year bond yield dips under 6 percent

Spanish borrowing costs fell below the 6 percent mark Friday morning for the first time since May, helped by the European Central Bank’s pledge to buy sovereign debt of distressed eurozone members.

The yield — or rate of return — of Spain’s 10-year government bonds fell to 5.893 percent at 0656 GMT on the secondary markets, down from 6.030 percent at close on Thursday.

Italian rates also eased, reaching 5.198 percent from 5.261 percent a day ago.

At one of the most highly anticipated meetings in its history, the ECB’s governing council agreed Thursday on a new programme to buy unlimited amounts of heavily indebted countries’ sovereign bonds in a bid to bring down their borrowing costs.