InfoAnda - Market stabilisation measures 'gaining traction': BIS

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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: Market stabilisation measures 'gaining traction': BIS AFP - Monday, March 2 GENEVA (AFP) - - Government measures aimed at stabilising the financial markets appear to have had some positive effect between November and February, the world's largest central banking body said Monday. ADVERTISEMENT However, the impact of such massive state aid packages on budget balances is leading to intense pressure on the government debt market, the Bank for International Settlements said in its Quarterly Review. "Policy measures aimed at stabilising markets appeared to gain traction over the period," it said. Central bank action and guarantees offered by governments helped to curb volatility in interbank markets, and boosted borrowing to record levels in January, when "numerous large corporate" bonds were issued. "With a number of country authorities considering outright purchases of corporate bonds, and with guarantee programmes in place to support financial insurers, a long pipeline of pent-up issuance opened up in January," said the BIS. Bonds are essentially debt, and can be issued by companies or countries that need funding. Latest BIS statistics indicate that corporate borrowing jumped 150 percent to 131 billion dollars in January compared to the average levels during the same month in previous years. The observation that measures are starting to have an effect appear to bear out the G10 group of central bankers' assessment in January that these policies will "progressively play a positive role" in the recovery of the global economy. Governments of several large Western economies, such as Britain and Germany, have unveiled plans to guarantee loans to help companies or banks obtain necessary funds amid a liquidity crunch. Latest BIS statistics indicate that funding flows, which were blocked by a liquidity crunch in the third quarter, began to recover as early as the fourth quarter last year. The net amount of international bonds and notes -- or debt issued increased to 624.3 billion dollars, up almost 1.5 times that of the 253.3 billion dollars in the third quarter. "The increase was well beyond normal seasonal patterns: the year-on-year rise over the fourth quarter of 2007 was 30.0 percent," said the BIS. Financial institutions recorded the largest jump, with issuances of bonds and notes rising to 570 billion dollars in the fourth quarter from 252 billion in the previous quarter. The borrowing was supported by government guarantee schemes for bank bonds in Europe and in the United States. In particular, euro-denominated borrowing soared 10 times. Net issuance in euros spiked to 337 billion dollars in the fourth quarter from 30 billion in the previous one. While policies are easing funding, the massive state aid packages are harming budget balances and leading to pressure on the government debt market. Governments are finding it "more challenging to raise money in bond markets". "Moreover, growing volumes of corporate issuance and government-guaranteed bank debt have meant that governments are facing increasing competition for investors," said the BIS, noting that some eurozone countries have cancelled debt auctions due to a lack of demand. Even German bonds, which are viewed as one of the world's safest assets, have failed to attract sufficient takers on several occasions. Governments, such as the US, have been issuing bonds to fund stimulus plans or to trim their budget deficits. The United States, for instance, has been urging China, which holds 696.2 billion dollars worth of US Treasury bills -- also the world's largest amount, to keep buying US bonds. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo A man stands on Wall Street outside the New York Stock Exchange in February 2009 in New York City. Government measures aimed at stabilising the financial markets appear to have had some positive effect between November and February, the world's largest central banking body said Monday. Most Popular – Top Stories Viewed Supermodel Bundchen ties knot with football star Brady Berkshire Hathaway buffeted by downturn Prada and Cavalli give Milan the boot Volkswagen to cut all temporary staff New UBS chief signals flexibility on tax evasion: report View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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