Thailand missed its sales target at a sovereign bond auction for the third time in a row on speculation the term was too long for some investors.
The government sold 8.69 billion baht ($268 million) of notes due 2061 at an average yield of 4.2926 percent today, according to the central bank’s website, falling short of the 9 billion baht goal. The yield on the 4.675 debt due 2044 was steady at 4.28 percent, data compiled by Bloomberg show.
“The bonds’ maturity in today’s auction was very long, and insurance companies probably prefer bonds with maturities much shorter than that,” Chajchai Sarit-Apirak, a Bangkok-based fixed-income manager at Kasikorn Asset Management Co., which oversees about $31 billion, said in a phone interview. “Several investors have changed their perception of domestic interest rates to an upward trend after the economic outlook improved after the coup.”
This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.