Sovereign bond yields in Spain and Italy have been climbing across the board, not just the longer durations. Please consider Italy pays dearly to issue one-year debt.
Italy sold €6.5bn of one-year debt at the highest cost since December, underscoring how one of the world’s biggest bond markets has been dragged back into Europe’s debt crisis.Official Denials
The 364-day bills were priced to yield 3.972 per cent, but the bid-to-cover ratio fell to 1.73 from 1.79. At the last auction of similarly dated debt Rome’s Treasury only paid 2.34 per cent, according to Bloomberg.
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