Italy raised the maximum target amount at a debt auction on Friday that saw the country's borrowing costs decline.
The country borrowed a total EUR 4.5 billion by offering its zero-coupon bonds or CTZs, and inflation-indexed bonds.
The Italian Treasury sold EUR 3 billion of 24-month CTZs, matching the maximum target set for the sale. The auction attracted bids totaling EUR 5.803 billion.
The yield on the 2-year debt dropped to 3.013 percent from 3.763 percent in the previous sale on January 26. Demand was 1.93 times the offer, up from 1.71 in the previous auction.
The country also sold EUR 753.50 million of 5-year euro inflation-indexed bonds or BTPei due September 2016 at yield 2.71 percent. The bid-to-cover ratio was 1.86.
Further, the agency alloted EUR 746.5 million 10-year BTPei due September 2019 at yield 3.19 percent. Demand was 1.85 times the offer.
by RTT Staff Writer
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