Market participants agree that banks in many fiscally stressed euro-zone countries are relying on the central-bank loans to stay afloat, although the situation in Spain has become the focus in the past month.

WSJ: European Banks��Large and Small��Rely on ECB

The deal is an indication that overseas investors are warming up to debt issued by European countries as troubles recede for fiscally stressed members of the euro zone.

WSJ: Spain Sells Dollar Bond