Italy Sells EU7.5 Billion of Bonds to Cover Looming Redemption
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Italy sold 7.5 billion euros ($9.8 billion) of debt, near the maximum for the auction, with the Treasury’s borrowing costs falling as it prepares for its biggest redemption of the year.
The Rome-based Treasury sold 2 billion euros of a benchmark 10-year bond at 6.08 percent, down from 6.98 percent at the last auction on Dec. 29. The Treasury also sold 3.57 billion euros of 5-year bonds at 5.39 percent, down from 6.47 at the last auction of similar securities on Dec. 14, and a total of 1.9 billion euros bonds due 2016 and 2021 bonds.