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Taiwan Bonds Rise Before Government’s Second-Quarter Sale Plan

Taiwan bonds rose and the currency was little changed before the government releases its debt sale plan for the second quarter today.

The island’s dollar strengthened earlier after central bank Governor Perng Fai-nan announced yesterday he would leave the discount rate on 10-day loans at 1.875 percent and focus on inflation rather than boosting growth in 2012. A government report today showed factory output increased 8.4 percent last month from a year earlier, after contracting more than 16 percent in January.

“What’s happening now is growth isn’t as bad as before and the focus now is inflation,” said Wee-Khoon Chong, a strategist at Societe Generale SA in Hong Kong. “We might expect a stronger currency as a result.”

The yield on the government’s 1.25 percent bonds due March 2022 fell one basis point today and during the five-day period to 1.283 percent, according to Gretai Securities Market. It reached 1.30 percent on March 15, the highest level for a benchmark 10-year note since Jan. 6, according to data compiled by Bloomberg.

Taiwan’s dollar traded at NT$29.585 against its U.S. counterpart, compared with NT$29.585 yesterday, according to Taipei Forex Inc. It weakened 0.08 percent this week. One-month implied volatility, a measure of exchange-rate swings that traders use to price options, dropped 10 basis points, or 0.10 percentage point, to 4.4 percent, the lowest since September 2010.

The overnight money-market rate was little changed at 0.399 percent today and during the five-day period, according to a weighted average compiled by the Taiwan Interbank Money Center.

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