Sri Lanka Treasuries yields ease

Nov 06, 2013 (LBO) - Sri Lanka's Treasuries yields eased at Wednesday's auction extending falls seen since a rate cut on October 15, with the 6-month yield down 6 basis points to 8.94 percent, data from the state debt office showed. The 12-month yield fell 01 basis point to 9.82 percent, despite 14.6 billion rupees being raised from the maturity, higher than the total offered for rollover of 8.0 billion rupees.

There was no take-up of 3-month bills.

The 12-month yield has fallen 67 basis points from October 14, faster than the 50 basis point rate cut on October 15.

The 6-month yield has fallen 66 basis points so far.

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Though three month bills were rejected again this week, secondary market quotes were around 8.35 percent levels, dealers said.

A liquid 5-year bond has fallen from highs of 12.

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10 percent to around 10.75 percent.

Analysts say the state is keeping a tight rein on payments, which may be helping the rates.

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In 2012 the state delayed payments till early next year by about 5 percent of gross domestic product.

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