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Taiwan Bonds Advance on Fiscal Cliff Concern; Currency Weakens

Taiwan’s government bonds gained, driving the 10-year yield to a four-day low, on concern failure to reach an agreement on the U.S. budget will jeopardize a global recovery.

The world economy will fall back into recession if the so-called fiscal cliff isn’t avoided, the Paris-based Organization for Economic Cooperation and Development said in a report yesterday. Democrat and Republican lawmakers have made little progress in avoiding the $607 billion spending cuts and tax increases, Senate Majority Leader Harry Reid said yesterday.

“The fiscal cliff creates uncertainties in the market,” said Eric Hsing, a fixed-income trader at First Securities Inc. in Taipei. “It’s going to remain as a major concern for investors.”

The yield on the 1.125 percent notes due September 2022 fell one basis point to 1.132 percent in Taipei, according to Gretai Securities Market.

Taiwan’s dollar slipped 0.2 percent to NT$29.175 against its U.S. counterpart, based on Taipei Forex Inc. prices. One-month implied volatility, a measure of expected moves in exchange rates used to price options, dropped 10 basis points to 3.3 percent.

The overnight interbank lending rate was 0.383 percent, compared with 0.385 percent yesterday, according to a weighted average compiled by the Taiwan Interbank Money Center.

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