Italy's five-year bonds drop to new low

(ANSA) - Rome, March 28 - The average interest rate on Italy's five-year State bond dropped below the 2% mark for the first time at an auction on Friday with three billion euros' worth being snapped up at an all-time low of 1.88%.
    The interest rate at a similar auction in February was 2.14%.
    The interest rate also fell on 10-year BTP bonds. The Treasury sold 3.75 billion euros' worth at an average rate of 3.29% down from 3.42% at February's auction.
    Italy's borrowing costs have been falling since Premier Matteo Renzi unseated his Democratic Party colleague Enrico Letta last month and took the helm of government promising to revive the economy and reform the country's slow and expensive political system.