Taiwan's Yuanta Securities decides not to issue bonds in 2011

By Marisa Wong

Madison, Wis., Nov. 28 - Yuanta Securities cancelled its plans to issue corporate bonds in 2011, according to an announcement by parent company Yuanta Financial Holdings.

Yuanta Securities' board of directors had approved the proposed bonds on Aug. 25.

The parent company said the planned issuance was cancelled due to "overall economic circumstances."

Specifically, Yuanta Financial said it expects that the probability of interest rates rising over the short term will remain low. This is due to the uncertain prospect of Taiwan's economy resulting from the slowdown of global economic growth, as well as disruption from the international credit crisis.

Yuanta Financial added that there has been a significant drop in the securities margin financing balance since the third quarter.

Yuanta Financial is a Taipei, Taiwan-based financial holding company.

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