Italian spread steady after rate soars at bond auction
Sale was hotly awaited post-election test of investor sentiment27 February, 13:59
The spread stood at 345 basis points at around 12.30 local time, one point higher than its closing level on Tuesday.
The spread, a key measure of Italy's borrowing costs, had fallen to 340 before the auction, having gained over 50 points on Tuesday. The interest rate on 10-year Italian bonds soared to 4.83% at Wednesday's auction, the highest level since October. It was 4.17% at the last equivalent auction in January The rate on five-year bonds went up to 3.59%, compared to 2.94% at last month's auction.