Spain has sold two point seven billion euros worth of bonds, in one of the most highly anticipated auctions of the year. Spain is keen to avoid a full international bailout, which would be politically damaging and come with strict economic conditions.

The country aimed to raise two billion euros across three long term bonds, in a bid to shore up cash for its ailing economy.

Despite speculation that the country's banking sector is on the brink of collapse, investors snapped up all bond offerings.

Market participants say that they are anticipating a countrywide bailout, which aided the uptake in bonds.

This month, all eyes will be placed firmly on Spain, as the country will receive the results from an international monetary fund audit of its banks.

Spain favours a bailout targeted directly at its banks, rather than at central government.

Written and Presented by Ann Salter