Italy auction flies, raising €7bn ahead of peripheral flop

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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.

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