Italy Auctions 12 Billion Euros of Bills as Rates Decline
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Italy sold 12 billion euros ($15.9 billion) of Treasury bills today, meeting its target for the auction, and borrowing costs fell to the lowest since June from the previous sale.
The Rome-based Treasury sold 8.5 billion euros of 365-day bills at 2.230 percent, the lowest since June 10 and down from 2.735 percent at the last auction of similar-maturity securities on Jan. 12. Investors bid for 1.09 times the amount offered, down from 1.47 times last month. The Treasury also sold 3.5 billion euros of 127-day bills at a rate of 1.546 percent, down from 1.644 percent last time.