Italy's rates lower in 9bn euro six-month bond sale

ROME: Italy on Wednesday raised 9.0 billion euros ($11.6 billion) in an auction of six-month bonds in which the rate dropped to 1.503 percent from 1.585 percent demanded by investors last month.

The Treasury raised the maximum target amount and demand was high at 1.39 times higher than the offer -- compared with 1.69 times in the August sale.

Italy sold 5.437 billion euros in bonds coming due in 2014, 2016 and 2021, with the rate falling for the first two and increasing for the third.

The Treasury is holding another auction on Thursday in which it is aiming to raise 7.0 billion euros in bonds due in 2017 and 2022.