Italy’s One-Year Borrowing Costs Fall to Record Low at Auction

Italy’s one-year borrowing costs fell to a record low at a sale of 10 billion euros ($13 billion) of bills after the new government reiterated a commitment to keep the deficit within the European Union limit.

The Rome-based Treasury sold 7 billion euros of 365-day bills at 0.703 percent, down from 0.922 percent at the previous auction April 10. Investors bid for 1.16 times the amount offered, down from 1.64 times last month. It also sold 3 billion euros of 219-day bills at 0.393 percent.