Italy Sells EU7 Billion in Bills as Borrowing Costs Decline
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Italy sold 7 billion euros ($9.3 billion) of one-year bills, the maximum for the auction, and borrowing costs declined after Prime Minister Mario Monti’s government approved a 30 billion-euro emergency economic plan.
The Rome-based Treasury sold the bills to yield 5.952 percent, down from 6.087 percent at the last auction on Nov. 10, which was the highest in 14 years. Demand was 1.92 times the amount on offer, compared with 1.99 times last month.