Italy Sells 11 Billion Euros of Bills as Crisis Returns
This article is for subscribers only.
Italy sold 11 billion euros ($14.4 billion) of Treasury bills, meeting its target for the auction as rates rose on one-year debt for the first time since November amid a return of Europe’s sovereign debt crisis.
The Rome-based Treasury auctioned 8 billion euros of 361-day bills at 2.84 percent, up from 1.405 percent at the last sale of similar-maturity debt on March 13. Investors bid for 1.52 times the amount offered, up from 1.38 times last month. Also sold were 3 billion euros of three-month bills at 1.249 percent, compared with 0.492 last month. Italy will auction as much as 5 billion euros of bonds tomorrow.