October 4, 2016 / 6:21 AM / a year ago

Italy's yields rise as Rome announces 50-year bond sale

LONDON, Oct 4 (Reuters) - Italian government bond yields rose on Tuesday after Rome announced late on Monday that it had selected a group of banks to manage the sale of its debut 50-year bond.

Italy, which could sell the bond as early as Tuesday, joins other euro zone countries including Spain and France that have locked in historically low rates to sell ultra-long debt this year, markets news service IFR reported.

The country’s 10- and 30-year bond yields rose around 5 basis points to 1.28 percent and 2.31 percent , respectively, according to Tradeweb.

Yields tend to rise ahead of bond sales as investors make room in their portfolios for the new debt. (Reporting by John Geddie; Editing by Atul Prakash)

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