Today, Italy sold 5-year bonds and 15-year bonds with a value of 3 billion euros despite the soaring borrowing costs, as the sale was met with heavy demand in the market for Italian bonds, which became more attractive than the German Bunds with the surging yield.

Italy sold 5-year 1.25 billion euros bonds, raising the average yield to 4.93%, which is higher almost by one percentage point from June, but near the yield seen in the secondary market, as news reports said.

The bid-to-cover ratio was 1.93, higher than the previous auction's ratio. Italy also sold 15-year 1.71 billion euro bonds pushing the yield to 5.9%.