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Fixed income July 2012 - Demand weak but now is time to buy

Fixed Income
Fixed income summary Demand for g-bonds continues to weaken on both the primary and secondary market. But improvement in inflation, exchange rate and trade balance may encourage the SBV to relax policy further and send interest rates and yields lower. The yields are attractive and now may be a good time to buy bonds on the primary market. For the same reasons, we recommend short-term maturities on the secondary market.