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Italy sells top-planned amount of long-term debt at lower yields
July 30, 2013 / 9:31 AM / 4 years ago

Italy sells top-planned amount of long-term debt at lower yields

MILAN, July 30 (Reuters) - Italy attracted comfortable demand for five- and new 10-year bonds at an auction on Tuesday despite uncertainty stemming from an upcoming court ruling on a tax fraud conviction against former Prime Minister Silvio Berlusconi.

The treasury placed the top-planned amount of 6.75 billion euros ($9 billion) and borrowing costs fell compared with the previous sale.

Rome paid a yield of 4.46 percent on the first tranche of its bonds maturing on March 1, 2024. It was the lowest interest rate since May.

This compares with an interest rate of 4.55 percent it had to offer at the end-June sale to sell bonds coming due May 1, 2013.

The treasury also issued five-year paper at a yield of 3.22 percent, down from the 3.47 percent of the previous auction.

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