The Star Late Edition

Treasury bills attract buyers

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Overseas investors bought more Japanese treasury bills last year than the value of Russia’s annual economic output as a dollar crunch boosted returns on the securities when using currency swaps. The 0.1 percent yield on Japan’s three-month bills rises to 0.8 percent after adjusting for rates used by investors when switching funds into and out of Japan. US securities yield zero, while Germany’s offer negative 0.18 percent. The discount on a three-month basis swap to exchange dollars for yen grew to 0.329 percentage point below the London interbank rate on December 30. – Bloomberg

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