Thursday, July 3, 2008

Philippines' government rejects bids for seven-year treasury bonds.

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Philippines' government rejects bids for seven-year treasury bonds. According to the Manila Times, the Philippines government on Tuesday rejected all bids for its re-issued seven-year treasury bonds owing to excessively high yields sought by banks. The government had planned to sell bonds worth PHP 7bn. The bonds have a residual life of four years and eight months. While bids amounted to PHP 10.207bn, the yield sought increased to 8.818% from the 8.495% during the last successful auction on June 3. The increase in the yield sought is being attributed to expectations that inflation would rise further. Inflation increased to a nine-year high of 9.6% in May and the Bangko Sentral ng Pilipinas (BSP) stated recently that the inflation rate was likely to have increased to between 10.4% and 11.2% in June owing to the surge in global oil prices.

Bank deleveraging has barely started

Cash management poll 2008:

Philippines' government rejects bids for seven-year treasury bonds.

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