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Italian borrowing costs drop sharply in auction
Italy sees borrowing costs drop on 12-year bonds, easily raises euro6.5 billion from markets
By The Associated Press

MILAN (AP) ' The Italian Treasury saw borrowing costs drop sharply in its latest bond sale Wednesday.

Italy easily raised euro6.5 billion ($9.27 billion) through the sale of 12-month bonds. Yields dropped to 2.9 percent from 3.67 percent a month ago.

Demand was nearly double the offer, compared with a 1.5 percent cover rate last month.



Pressure on Italian yields has eased this week as the European Central Bank began buying the country's debt in the secondary markets, bringing the 10-year spread between Italian bonds and the German bund below 280 basis points. It had risen some 100 basis points higher.

Italy previously canceled the mid-August medium- and long-term bond auction due to a favorable cash position and reduced funding needs.


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