Italian debt auction sees healthy demand, analysts say

Date: Friday 27 Jan 2012

Italy has this morning auctioned €8bn in 6 month bills, with the bid-to-cover ratio coming in at 1.346 versus the 1.69 seen the last time around. Yields, however, came down by quite a bit, to 1.96% from 3.251%.

According to analysts at Unicredit, “The auction went well. Demand was healthy (…) Today’s results confirm the positive momentum for Italian debt, after an exceptionally well received CTZ auction yesterday and bode well for Monday’s auction.”

The 11 month bill auction results were a bid-to-cover of 1.821 (Previous: 1.85) and a rise in yields to 2.214% (Previous: 1.664%).

The euro/dollar seems to be reacting positively to the results and is now in the blue by 0.38%, at 1.3156.

AB

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