Yields surged to their highest ever levels since May 1997 to 6.47 percent on the auction of three billion Euros, which was up from 6.29 percent that the sovereign government paid last month. Yields on 5-year bonds were 6.69 percent after the auction. These bonds mature on September 15, 2016 and carry a coupon rate of
4.75 percent. Confidence surrounding the ten year Italian bond yield seemed to plummet as yields were back up again well jumping past the 7 percent anxiety benchmark on Wednesday to pass 7.115 percent.