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Italy pays higher borrowing rates in bond sale

[March 25, 2013]  MILAN (AP) -- Italy has paid slightly higher interest rates to raise 3.8 billion euros ($4.9 billion) in bond sales amid political uncertainty.

The treasury paid a rate of 1.75 percent in the sale Monday of 2.8 billion euros in 12-month bonds, up from 1.68 percent at the last such auction last month.

It raised another 990 million euros in the sale of 15-year and 5-year bonds. Though demand was strong -- more than double the amount offered for the longer-term bonds -- Italy did not raise as much as it could have because of higher interest rates.

Center-left leader Pier Luigi Bersani is holding consultations on forming a new government following elections last month that ended with no clear winner. He is expected to announce his results in coming days.

[Associated Press]

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