ITALIAN TREASURY OFFER HAS LOWER RATES
The Italian Treasury said it would offer
24,500 billion lire of short-term Treasury bills (BOTs) at net
rates lower than on the preceding issue.
    Three-month bills worth 3,500 billion lire will be offered
for competitive tender at a base price of 97.50 pct, giving an
effective annualised compound yield after tax of 9.87 pct.
    Net rate on the preceding issue end-February was 9.98 pct.
    The Treasury will also offer 9,500 billion lire of
six-month bills at a base price of 95.35 pct for an effective
annualized net yield of 9.24 pct.
    The net rate on the preceding issue was 9.30 pct.
    A total of 11,500 billion lire of 12-month paper will be
offered at a base price of 91.15 pct for an effective
annualized net yield of 9.02 pct.
    Rate on the preceding issue mid-February was 9.05 pct.
    The bills replace maturing paper worth 23,442 billion lire,
of which 20,322 was held by operators.
    Subscriptions to the offer close March 24.
 Reuter
