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Italian borrowing costs drop to 2010 levels

MILAN (AP) -- Italy has easily raised nearly (euro) 6 billion ($7.7 billion) in a pair of bond sales that saw interest rates drop to their lowest levels since late 2010.

The interest rate, or yield, paid for 10-year bonds dropped to 4.45 percent from 4.92 percent at the last such auction a month ago. The Treasury sold (euro) 2.9 billion, slightly below the (euro) 3 billion sought, with a bids running 1.18 times demand.

Italy raised another (euro) 3 billion in 5-year bonds that saw rates drop to 3.23 percent from 3.8 percent last month.

Italy has seen its borrowing costs fall since the European Central Bank unveiled its offer to buy short-term bonds in struggling countries. It has nearly completed its funding needs for the year.

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