Two days after reopening a 50-year BTP bond for 3 billion euros, drawing bids for more than five times that amount, the Treasury raised 5.5 billion euros ($6.2 billion) at auction, at the top of its planned issue range.

A three-year BTP bond maturing in July 2022 was placed at 0.49%, more than halved compared with 1.05% at the previous auction in mid-June and the lowest level since May 2018.

A seven-year note maturing in July 2026 fetched a 1.24% gross yield, the lowest since November 2017, down from 1.96% at last month's sale.

Italy's 10-year yields this month fell to their lowest level since late 2016 after a deal with the European Commission averted disciplinary action over Rome's public finances and thanks to expectations the European Central Bank will retain its ultra-dovish stance under its incoming president, Christine Lagarde.