Italy sold 8.5 billion euros ($10.4 billion) of Treasury bills, the maximum planned for the auction, as rates dropped after European Central Bank President Mario Draghi said officials will do whatever it takes to preserve the euro. The Rome-based Treasury sold the 184-day bills at 2.454 percent, down from 2.957 percent at the last sale of similar- maturity debt on June 27. Investors bid for 1.61 times the amount offered, the same as last month. The yield on Italy’s 10-year bond was rising 9 basis points to 6.15 percent at 11:09 a.m. in Rome, leaving the difference with German bunds to 484 basis points. Stocks surged yesterday after Draghi signaled central bank officials are prepared to do whatever is needed to ensure the euro’s survival and act on surging bond yields. A bigger test for the Italian treasury comes on July 30 when Italy sells five-year and 10-year debt. To contact the reporter on this story: Chiara Vasarri in Rome at cvasarri@bloomberg.net To contact the editor responsible for this story: Chiara Vasarri at cvasarri@bloomberg.net

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