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Italian bond yields rise after inconclusive elections
26-02-2013 10:26
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After preliminary results from the elections in Italy gave no party a solid majority to push through economic reforms, the country staged a sovereign debt auction on Tuesday morning that showed lower demand and higher financing costs.
The Italian Treasury sold €8.75bn in six-month paper with a yield of 1.237%, much higher than the 0.731% rate seen at the last auction.
Demand, as shown by the bid-to-cover ratio, dropped to 1.44, from the previous 1.64.
Italian Democratic Party President Pier Luigi Bersani, who gained a majority in the Chamber of Deputies but was unable to win control of the Senate, will hold a press conference in Rome at 16:00 London time.
JM
The Italian Treasury sold €8.75bn in six-month paper with a yield of 1.237%, much higher than the 0.731% rate seen at the last auction.
Demand, as shown by the bid-to-cover ratio, dropped to 1.44, from the previous 1.64.
Italian Democratic Party President Pier Luigi Bersani, who gained a majority in the Chamber of Deputies but was unable to win control of the Senate, will hold a press conference in Rome at 16:00 London time.
JM
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