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Italy, Spain Sell $24 Billion of Debt; Bonds Rise After Sale

Italy and Spain sold 17.7 billion euros ($23.9 billion) of debt and their bonds rose after the sale even as both countries had to pay more to borrow than a month ago.

Italy sold 8 billion euros of 182-day bills to yield 3.071 percent, up from 2.14 percent at the last auction of similar-maturity debt on Aug. 26. The Rome-based Treasury also sold 76-day bills at 1.808 percent and zero-coupon bonds due in 2013 at 4.511 percent. Spain’s interest costs also rose as it sold 3.22 billion euros of three- and six-month bills, just below the maximum target for the auction.