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4-yr T-bonds yield stays upward |
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By VG Cabuag
TODAY, Wednesday, 20 October 2004 Yield on the four-year Treasury Bonds on Tuesday continues its upward trend, rising by 12.5 basis points to 11.875 percent, pushed by the excess liquidity in the market. Bids tendered went up as much as P8.595 billion as supposed to the government offering of P4 billion. The auction committee, chaired by Finance Undersecretary Eric Recto, fully awarded all bids. “There were a slew of good news, so there must be liquidity somewhere,” Recto told reporters after the auction referring to the September collection target reported by the Bureau of Internal Revenue (BIR). The BIR said it collected P33.746 billion in September, bringing its cumulative collection to P343.848 billion in the nine months of the year. The collection figures, however, were some P6.2 billion short of their target of P350 billion for the January to September period. The last auction of the four-year debt instrument was on August 23. That offering was undersubscribed—or few banks placed their bids for a certain price—by about P800 million and fetched a coupon rate of 11.75 percent up by 75 basis points. However, the same tenor was reissued last month and the yield had increased by 14.2 basis points to 11.892 as banks factored in the likelihood of the Bangko Sentral ng Pilipinas raising its key policy rates and the high inflation rate of 6.9 percent posted in September, the fastest spike in three years. This time, Recto said even if consumer and corporate borrowings were on the rise, the banks still have enough cash to borrow at such a level. Recto is temporary chairing the Bureau of Treasury’s auction committee, as Malacañang still has to appoint a National Treasurer after Mina Figueroa stepped-down on Friday. Finance Undersecretary Nieves Osorio was appointed as officer in charge of the Treasury. |
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