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Fixed Income April 2012 - Yield curve shift on lower policy rates

Fixed Income
The yield curve has shifted down on lower policy rates. Strong demand for T-bills has steepened the front end while middle and tail end of curve see downward parallel shift. Yields on the mid- and long-terms are sticky on the downside. We don’t expect a full subscription at the next auction on 16 April 2012 for the 2-year, 3-year and 5-year bonds; last auction on 22 March for these maturities saw only 33% at yields of 11.2%-12.5%.