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Italy’s borrowing costs dropped at an auction of five-year and ten-year debt on speculation the European Central Bank may move toward a new round of bond purchases to ease borrowing costs in the country and in Spain.
Italy sold 4.73 billion euros ($5.8 billion) of five- and 10-year bonds. The Rome-based Treasury priced the 10-year debt to yield 5.96 percent, down from 6.19 percent on June 28. The Treasury priced its five-year bond to yield 5.29 percent, compared with 5.84 percent last month.
Italy also sold 750 million euros of a 3% 2015 bond to yield 4.49, bringing the total amount sold at 5.48 billion- euros, near the 5.5 billion euros that was the maximum target for the auction.
To contact the reporter on this story: Chiara Vasarri in Rome at cvasarri@bloomberg.net
To contact the editor responsible for this story: Chiara Vasarri at cvasarri@bloomberg.net
July 30 (Bloomberg) -- Charles Diebel, head of market strategy at Lloyds Banking Group Plc, talks about the outlook for Spanish and Italian debt sales and European Central Bank policy and investment strategy. He speaks with Caroline Hyde on Bloomberg Television's "On the Move." (Source: Bloomberg)
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