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Moody's 2-Notch Downgrade? Don't Worry About It

|Includes: iShares MSCI Italy Capped ETF (EWI), FXE

At least that's the sentiment investors seem to have expressed at Italy's 3-Year bond sale on Friday. Italy sold 3.5 billion euros (the top end of the highest estimates) of new three-year government bonds, producing a yield of 4.65%, down from 5.30% in a sale in June. Moreover, demand significantly outstripped supply 1.73 times.