Oppenheimer Lloyd Global Market CEO Pleased As Japans Bonds Rise as Auction Draws Strongest Demand

June 1, 2010 - PRLog -- The sale drew bids worth 3.85 times the amount on offer, the most since May 2007. That was up from a so-called bid-to- cover ratio of 3.52 times at the May auction. Bonds also gained as the European Central Bank yesterday warned of more bank losses as the region’s fiscal crisis widens, boosting demand for the relative safety of Japan’s debt.

Speaking from Oppenheimer Lloyd’s corporate headquarters in Tokyo, Hiroyuka Maruyama said “The auction went fine with the high bid-to-cover ratio.” The Oppenheimer Lloyd Global Markets CEO went on to say “Demand among financial institutions with abundant cash, especially banks, continues to be strong.”

The yield on the 1.3 percent bond due March 2020 fell 1.5 basis points to 1.245 percent at 3:20 p.m. in Tokyo at Japan Bond Trading Co., the nation’s largest interdealer debt broker. The price rose 0.132 yen to 100.480 yen. A basis point is 0.01 percentage point.

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Oppenheimer Lloyd was established as a diversified financial services company to bring innovative investment advice to both private and corporate clients across Asia and around the world.