Yields on the BMA-PGBI declined by 6.8 pps and its value increased by 0.04% to close at 99.2919. The yield to maturities for the short tenors remained stable, while the medium tenors decreased by approximately 1 basis points. The long tenors once again saw a decline in yields ranging from 2 - 5 basis points. This decline in yields, coupled with interest rate return, led to the increase in value of the BMA-PGBI.

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Index Statistics                25-Oct-05     24-Oct-05       Change

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BMA-PGBI          (Index Value)  99.2919  99.2500   0.0419   (0.04%)

Principal Return  (Index Value)  83.8869  83.8624   0.0245   (0.03%)

Interest Return    %               18.36%   18.35%  0.0002   (0.08%)

Average Coupon     %             10.4543  10.4541   0.0001   (0.00%)

Average Maturity   %              5.8565   5.8587  -0.0022  (-0.04%)

Average Yield      %              9.2377   9.2444  -0.0068  (-0.07%)

Average Duration         Value    4.0875   4.0863   0.0012   (0.03%)

Average Convexity        Value   27.2628  27.2972  -0.0344  (-0.13%)

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Copyright Business Recorder, 2005