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T-bill yields rise across the board-Benchmark 91-day climbs to 5.773% |
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The Manila Bulletin 09/13/2005
Treasury bill yields rose across the board at an auction yesterday because of domestic political and fiscal concerns. The benchmark 91-day T-bill yield rose 11.1 basis points to 5.773 percent, the Bureau of Treasury said. The 182-day yield rose 25.7 basis points to 8.016 percent, while the yield on the 364-day paper inched up 13.8 basis points to 8.965 percent. The government’s acceptance of a higher yield for the three-month paper after two weeks of rejecting all bids for this maturity means it has conceded that it can no longer prevent domestic interest rates from rising, traders said. Financial markets continue to worry about political uncertainty after President Gloria Arroyo’s congressional allies threw out an impeachment bid against her last week. The impeachment bid stemmed from allegations that she rigged last year’s elections. High inflation due to surging oil prices also worried investors, dealers said. Tenders for all three maturities totalled P9.93 billion, but the government accepted only P4.898 billion as it rejected some bids to prevent yields from rising sharply. Had the government accepted all bids, the 91-day paper would have fetched a yield as high as 7 percent. Deputy Treasurer Eduardo Mendiola said the extent of rise in the yield of the three-month paper isn’t surprising, given that it has been three weeks since the government last accepted bids for this maturity. "We just aligned the rates with the market," Mendiola told reporters after the auction. (Dow Jones) |
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