Italy auction flies, raising €7bn ahead of peripheral flop
Italy raised over €7bn of long-dated debt on Thursday, its first attempt at accessing duration funding since a strong rally in the price of its bonds over the summer. But a sell-off in peripheral bonds later in the day quashed any lingering euphoria and darkened the mood ahead of Spain’s all-important auction next week.
Italy sold 7.293bn of 10 year, five year and five year floating rate notes on Thursday morning, above its target of 5.25bn-7bn.
Peripheral bonds then suffered a sell-off. Spains 10 year was 16bp wider over Bunds on the day, while Italys was 5bp. Italy may have suffered less because
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