But, demand was way down and borrowing costs were much higher than in an auction for similar debt a month ago.

2-year bonds sold for 5.3%, up from 4.48% last month.

5-year bonds sold for 6.54%, up from 6.19% last month.

7-year bonds sold fo 6.798%, up from 6.19% last month.

Here's an intraday look at the the Spanish 10-year yield, which just spiked above 7% again. Not good.