Long-term interest rate down.

(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 …