MW: Italian 10-year notes drop below 3% for first time
By Ben Eisen
NEW YORK (MarketWatch) -- The yield on Italian 10-year notes dropped below 3% for the first time on Tuesday, underscoring the dramatic rally in the debt of Europe's struggling countries. The Italian 10-year note IT:IT10YT -1.24% yield, which falls as prices rise, was down 5 basis points on the day at 2.995% on Tuesday. The Spanish 10-year note BX:TMBMKES-10Y -1.45% yield also dropped to a fresh low of 2.942%, down 4.5 basis points on the day. The borrowing costs in both countries have been dropping sharply since the middle of last year.
