“Italy sold 9 billion euros ($11.2 billion) of Treasury bills at the highest rate since December amid concerns a European Union summit this week will fail to solve the sovereign-debt crisis.
The Rome-based Treasury sold the 185-day bills at 2.957 percent, up from 2.104 percent at the last sale of similar- maturity debt on May 29. Investors bid for 1.62 times the amount offered, similar to the 1.61 times last month.
National flags of Italy hang above stalls at an indoor market in Rome. Photographer: Alessia Pierdomenico/Bloomberg
The yield on Italy’s 10-year bond fell 5 basis points to 6.14 percent at 11:07 a.m. in Rome, leaving the difference with German bunds to 460 basis points. A bigger test for the Italian treasury comes tomorrow when Italy sells as much as 5.5 billion euros of longer-maturity debt.”
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