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Italian borrowing costs continue to drop

February 24, 2012
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MILAN—Italy saw its borrowing costs drop as it raised nearly euro4.5 billion ($5.98 billion) in bonds Friday.

In a sign that market pressure is continuing to ease on Italian debt, the country paid rates of 3.013 percent on euro3 billion in two-year bonds, down from euro3.763 percent a month earlier. The sale was 1.9 times oversubscribed.

The country has seen its borrowing costs ease in recent weeks, after yields on benchmark 10-year bonds were pushed to the perilous 7 percent level last year. The Italian government has been seeking to regain investor confidence by cutting public spending and reforming a sluggish economy.

Italy also sold euro1.5 billion in bonds maturing in September 2016 and September 2019.

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