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(From BusinessWorld (Philippines))
Byline: Ira May Joyce P. Pedrasa
Going against market expectations, long-term debt yields dropped yesterday on news that the government's budget deficit target for the year is still attainable.
"It's still relatively a good news, we have even projected an P85 billion cap," a trader said, referring to yesterday's release of the country's fiscal position at a deficit of P80.1 billion, which was only 0.5% off-target.
The better-than-expected figure favored the Treasury's auction yesterday of 7-year bonds. The new issuance fetched a 12% coupon rate after a full award of bids reaching P7.436 billion against a …