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Election jitters push T-bond rates higher |
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(18 February 2004, Wednesday - Philippine Daily Inquirer)
By Michelle V. Remo THE COST of the government's four-year borrowings rose by 37.5 basis points to 10.875 percent at the monthly auction Tuesday 10.500 percent last month, as investors sought higher returns on their funds in a climate of uncertainty. "The rate for long-term bonds is going up because the market seems to favor short-term investments," Deputy Treasurer Eduardo Mendiola told reporters. "This is still due to jitters over the coming elections and the uncertainty of who will win" the presidential election in May, he said. Another factor was the recent move of the central bank to raise the liquidity reserve requirement of banks, he added. Mendiola said the 10.875-percent coupon rate was reasonable for the government to accept, considering the rate on the secondary market was 11 percent. The rate increase exceeded the 0.20-0.25 percentage point forecast by Deputy Treasurer Mina Figuroa last Monday. Tenders reached 7.2 billion pesos but the government only accepted 4.09 billion pesos' worth. The Bureau of Treasury plans to sell 11 billion pesos' worth of bills and 4.5 billion pesos' worth of bonds in the January-March quarter, compared with nine billion pesos in bills and three billion pesos in bonds in the same months last year. home | latest news |
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