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Taiwan Bond Yields Near Five-Month High on Inflation Concern

Taiwan’s five-year bond yield held near a five-month high as electricity price increases stoked inflation concerns. The local dollar was little changed.

Taiwan Power Co., the island’s only electricity retailer, said last week it will raise prices for the first time in more than three years after posting losses on rising fuel costs. Consumer prices rose 1.21 percent in March from a year earlier, after a 0.23 percent increase the previous month, government data show. The overnight interbank lending rate reached 0.488 percent yesterday, the highest level since January 2009.

“People are concerned about inflation and in reaction the central bank is letting the overnight rate rise more,” said George Pu, a Taipei-based fixed-income trader at Sinopac Securities Corp. “Yields may continue to go up.”

The yield on the government’s 1 percent securities due January 2017 was little changed at 1.046 percent, according to Gretai Securities Market. Benchmark five-year rates touched 1.052 percent yesterday, the highest level since Nov. 4, and could test 1.1 percent within a month, Pu forecast.

Taiwan’s dollar was little changed at NT$29.546 against its U.S. counterpart, according to Taipei Forex Inc. One-month implied volatility, a measure of exchange-rate swings traders use to price options, fell 30 basis points to 3.7 percent.

The overnight money-market was little changed at 0.484 percent, according to a weighted average compiled by the Taiwan Interbank Money Center.

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