Italy Sells 6.5 Billion Euros of Bills as Borrowing Costs Fall
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Italian borrowing costs dropped at an auction of 6.5 billion euros ($8.3 billion) of one-year Treasury bills as maturing debt left investors with cash to spend on the new securities.
The Treasury in Rome sold the 364-day bills at 1.762 percent, down from 1.941 percent at the last auction on Oct. 10. Investors bid for 1.76 times the amount of bills offered today compared with 1.77 times last month. Italy returns to the market tomorrow with the sale of as much as 5 billion euros of longer maturity-debt.