French Borrowing Costs Drop as Investors Shrug Off Downgrade
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French borrowing costs fell at the country’s first bill sale after Standard & Poor’s stripped the nation of its top credit rating as investors shrugged off the downgrade.
France sold 1.895 billion euros ($2.4 billion) of one-year notes at a yield of 0.406 percent, down from 0.454 percent on Jan. 9. The Treasury sold a total of 8.59 billion euros in bills, including three and six-month paper. Yields fell on both.