Sept. 12 (Bloomberg) -- Italy sold 11.5 billion euros ($15.6 billion) of treasury bills as borrowing costs rose and demand waned amid Europe’s sovereign-debt crisis.
The Rome-based Treasury sold 7.5 billion euros of one-year bills at an average yield of 4.153 percent compared with 2.959 percent the last time securities of similar maturity were sold on Aug. 10. Demand was 1.53 times the amount on offer, compared with 1.94 times at the previous sale.
The Treasury also sold 4 billion euros of 3-month bills. The yield was 1.907 percent, up from the 1.034 percent the last time such securities were sold on March 10. The bid-to-cover ratio was 1.86, compared with 2.42 at the previous sale.
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