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Italian auction confirms gradual return of investor confidence
11-01-2013 11:51
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Italy on Friday held its second sovereign debt auction of the year and has again found a positive showing.
This time around, the Italian Treasury issued €3.5bn in bonds maturing in December 2015. The securities, with a coupon rate of 2.75%, found strong demand, calling for a yield of 1.85% (compared to the previous 2.5%).
The bid-to-cover ratio (which measures demand) was 1.45 compared to 1.36 in December.
Just as Spain's auction on Thursday indicated, investors are slowly confiding in the "peripheral" countries again.
The yield for the three-year Italian bond is now at the lowest since March of 2010.
On the secondary market, Italian 10-year borrowing costs are also at a two-year low, trading at around 4.15%.
SB
This time around, the Italian Treasury issued €3.5bn in bonds maturing in December 2015. The securities, with a coupon rate of 2.75%, found strong demand, calling for a yield of 1.85% (compared to the previous 2.5%).
The bid-to-cover ratio (which measures demand) was 1.45 compared to 1.36 in December.
Just as Spain's auction on Thursday indicated, investors are slowly confiding in the "peripheral" countries again.
The yield for the three-year Italian bond is now at the lowest since March of 2010.
On the secondary market, Italian 10-year borrowing costs are also at a two-year low, trading at around 4.15%.
SB
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