Italian bonds rally after clearing auction hurdle

Italian debt rallied for a second day running on Thursday after clearing its latest round of bond auctions, but investors were likely to remain cautious towards peripheral euro zone countries for the foreseeable future.

Italy's 4.88 billion euro sale produced mixed results, but some had anticipated a weaker auction. A better than expected showing prompted buyers to cautiously re-enter the market and drove yields lower across the curve.

"We were slightly disappointed with the three-year auction results but obviously the other issues were very solid indeed," a trader said.

"Having got very close to that 4 percent level at the (three-year) auction, that immediately got buyers coming in and it's been one-way traffic since then."

Read Full Article from Reuters

- Posted: 2012-04-12 11:06:28

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