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Italian Yields Drop at Bond Auction as Stimulus Boosts Demand

Italian Yields Drop at Bond Auction as Stimulus Boosts Demand
The national flag of Italy flies from the city hall in Rome. Photographer: Alessia Pierdomenico/Bloomberg

Italian borrowing costs dropped at an auction of 7.17 billion euros ($9.38 billion) of bonds today as monetary easing by Japan is prompting investors to search for better returns.

Italy sold 4 billion euros of a new 2.25% 2016 bond at 2.29 percent, down from the 2.48 percent on similar maturity debt March 13. Investors bid 1.40 times the amount of the new three-year bond offered, up from 1.28 times last month.

The Rome-based treasury also sold longer-term debt, placing 1.67 billion of 4.75% 2028 bonds and 1.5 billion of floating-rate 2017 bonds to yield respectively 4.68 percent and 2.74 percent. All together, Italy sold 7.17 billion euros of debt, near the 7.5 billion-euro maximum target. The sale was probably helped by 16.7 billion euros of bond redemptions due on April 15.

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