Italian Bonds Rise as Debt Sale Meets Maximum Target; Bunds Fall

Italian government bonds rose, with 10-year yields falling from the highest level in two weeks, as the country met its maximum target as it sold 7 billion euros ($9.1 billion) of five- and 10-year debt.

Italy’s five-year notes gained for the first time in more than a week after borrowing costs fell at the auction. Spanish 10-year bonds fell as the country’s recession deepened in the third quarter and Prime Minister Mariano Rajoy said yesterday he would request external aid only when he judges it’s in the nation’s interests. German 10-year bunds declined as a report showed unemployment increased.

“Overall the auction went well,” said Gianluca Ziglio, a strategist at UBS AG in London. “It is a decent auction and so Italian yields are lower. Spain remains in limbo. It is evident that they are not going to ask for aid any time soon.”

Read Full Article from Businessweek

- Posted: 2012-10-30 12:57:37

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