Italy pays highest cost for bonds
Source: Agencies |
June 15, 2012, Friday
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Print Edition
Print Edition
ITALY'S borrowing costs on its three-year bonds skyrocketed yesterday to their highest level since December, as concerns about Spain and the state of Europe's economy continued to pummel the country's financial markets.
Italy paid 5.3 percent, up from 3.91 percent last month, to raise 3 billion euros (US$3.76 billion) in three-year money from financial markets. The sale was fully subscribed, but the high rate underscores how investors are increasingly wary of lending to the country as it wallows in a deep recession and sees its debt pile increase.
Italy also auctioned 10-year bonds at a worryingly high rate of 6.13 percent and 15-year bonds at 6.1 percent. It sold a combined total of 1.5 billion euros in the two denominations, the maximum sought.
Italy paid 5.3 percent, up from 3.91 percent last month, to raise 3 billion euros (US$3.76 billion) in three-year money from financial markets. The sale was fully subscribed, but the high rate underscores how investors are increasingly wary of lending to the country as it wallows in a deep recession and sees its debt pile increase.
Italy also auctioned 10-year bonds at a worryingly high rate of 6.13 percent and 15-year bonds at 6.1 percent. It sold a combined total of 1.5 billion euros in the two denominations, the maximum sought.
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