Analysts say that the auction still indicates that France is a good bet compared to its peers in the Eurozone. [France ETF Shakes Off Moody’s Bank Downgrades]

“It confirms this trend again that there’s still more than robust demand for short-dated triple-A paper. You can argue a lot about France’s rating but…everybody is comfortable in buying France instead of picking up a couple of basis points over Bunds in the other triple-A’s,”WestLB strategist Michael Leister said, on Reuters.

The iShares MSCI Spain Index Fund (NYSEArca: EWP) and iShares MSCI France Index Fund (NYSEArca: EWQ) gained about 4% on Thursday and rose in early trade Friday. [Spain ETF in Focus After Bond Auction]

Tisha Guerrero contributed to this article.