Spain seeks to ease debt repayment crunch with bond swap
* Spain swaps expensive crisis bonds for new issue
* Treasury accepts 3.66 billion euros of 2015 bonds in switch
* Orders top 18 billion euros for new 10-year bond
* Measures follow lead of other peripheral countries
By John Geddie and Sarka Halas
LONDON, June 12 (Reuters) - Spain took steps to ease hefty bond repayments coming due next year by switching expensive debt issued at the height of the euro zone crisis for a new 10-year bond on Thursday.
The fragile euro zone peripheral state is the last of its peers to adopt such measures, as it looks to lengthen the average maturity of its debt and soothe investor nerves around how it will manage to pay back around 500 billion euros of bonds that fall due in the next four years.
Bankers managing the transaction have received over 18 billion euros of orders for the new bond, which includes 3.66 billion euros of bonds maturing next year in exchange.
The new bond will price later on Thursday to yield around 2.8 percent, some 5 percentage points lower than Spain's borrowing costs were at the height of its debt crisis in 2012. Continuación...