Italian Bond Auction Goes Smoothly Ahead Of The Election

Caitlin via flickr

Italy just sold 3.449 billion euro worth of 3-year bonds at a yield of 2.3 percent, up from 1.85 percent at a similar auction in January. This is according to Bloomberg.

The bid-to-cover ratio, a measure of demand, was 1.37, down from 1.45.

Despite the higher borrowing costs and lower demand, this wasn't a terrible auction, especially considering all of the uncertainty that has surfaced ahead of Italy's upcoming elections.