New Zealand had declared on their overnight score of 452-9, Shane Bond nine short of a maiden Test fifty.

BBC: SPORT | Cricket | Zimbabwe suffer huge defeat to NZ

Still, Monti's decision to stand down as premier once parliament approves the 2013 budget provides the first big test for Italy's bond market since the ECB-driven rally in Italian debt began in late July.

CNN: What does Silvio's return mean for Italy?

The launch of the Pimco Total Return Exchange-Traded Fund will test the mettle of investors with trillions of dollars invested in traditional bond mutual funds.

FORBES: Pimco Total Return ETF Shines a Light on Transaction Costs

"It's a step in the right direction, but the bigger test will be the longer-dated auctions further down the road, " said Nick Stamenkovic, bond strategist at RIA Capital Markets in Edinburgh.

BBC: Spain and Italy's borrowing costs fall