ITALIAN CERTIFICATE OFFER HAS HIGHER YIELDS
The Italian Treasury said it would offer
2,500 billion lire of indexed government discount certificates
at rates slightly higher than on the preceding issue.
    The seven-year certificates carry a first-year coupon,
payable April 21 1988, of 4.86 pct, identical to that on the
preceding issue in March.
    They will be offered at a base price of 72 lire, down from
74 previously, for an effective net annual yield on the first
coupon of 10.15 pct against 9.66 in March. Yields after the
first year will be linked to rates on 12-month Treasury bills.
    Subscriptions to the issue close April 17.
 REUTER
