Sri Lanka Treasuries yields up

Mar 28, 2012 (LBO) - Sri Lanka's Treasury bill yields rose across maturities at Wednesday's auction, though only a part of the 10 billion rupees of bills offered was sold through the auction, the state debt office said. The debt office, which is a unit of the Central Bank, said 3-month yields rose 25 basis points to 11.

00 percent, and 12-month yield rose 21 basis points to 11.32 percent from a week earlier.

The 6-month yield where all bids were rejected at the last auction was 11.06 percent up 60 basis points from two weeks earlier.

The debt office said it sold 3.7 billion rupees in 3-month bills, 1.

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3 billion in 6-month bills and 1 billion in 12-month bills.

Higher Treasury bill yields are needed to strengthen Sri Lanka's rupee peg with the US dollar which was weakened by high credit growth and Central Bank purchases of Treasury bills with printed money which created high import demand.

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