The European Central Bank stepped into bond markets again on Friday to buy Spanish and Italian government debt after yields jumped ahead of expected auctions by both nations next week.

The ECB has been a regular buyer of Spanish and Italian debt in the secondary market through its Securities Market Program since early August.

Italy's 10-year yield remained at 7.09%, a rise of 15 basis points from Thursday, but off an intraday high near 7.14%. Yields rise as bond prices fall. A yield of more than 7% is viewed as potentially unsustainable for government borrowers over the long run.

Spain's 10-year yield fell to 5.55%, down 3 basis points on the day and well off an intraday high around 5.65%.

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