Spain on Thursday enjoyed negative interest rates on its medium-term debt for the first time since a crippling economic crisis, the central bank said, a key sign of recovery just three years after it came close to a bailout.

The Treasury sold 885 million euros ($1.0 billion) in five-year bonds at an average rate of return of minus 0.286 percent. That indicated investors were so confident in Spain's financial strength that they were willing effectively to pay to hold the bonds.