Italy Sells Bills as Borrowing Costs Soar Amid Contagion
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Italy sold 6.75 billion euros ($9.4 billion) of treasury bills in its first auction since borrowing costs began soaring amid contagion from the Greek debt crisis.
The Treasury in Rome said it sold the one-year bills, meeting its target, at an average yield of 3.67 percent. That compares with a yield of 2.147 percent when similar securities were last sold on June 10. Demand for the debt was 1.55 times the amount sold, compared with 1.71 times at the June auction.