Rice Bond Flop Adds to Yingluck Protest Misfortune: Asean Credit
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The failure of a bond sale for subsidized rice purchases adds to Prime Minister Yingluck Shinawatra’s challenges as she rounds up support to counter protesters occupying government offices.
The finance ministry sold 37 billion baht ($1.2 billion) of three-year notes on behalf of Bank for Agriculture & Agricultural Cooperatives on Nov. 25, short of its 75 billion baht goal. The yield of 3.53 percent was 39 basis points above that on similar-maturity sovereign debt, according to the Public Debt Management Office. That compared with a 30 basis point premium at the last offer on Oct. 31, Thai Bond Market Association figures show.