The Bureau of the Treasury (BTr) on Tuesday said the 10-year Treasury Bond (T-bonds) reissuance saw strong demand, prompting the Auction Committee to fully award the security.
With a remaining term of nine years and six months, the T-bond fetched an average rate of 6.212 percent, lower than both its previous reissuance and the prevailing secondary market rate.
The comparative PHP Bloomberg Valuation Service was at 6.268 percent.
The auction was 3.2 times oversubscribed, with total tenders amounting to PHP95.6 billion relative to the PHP30 billion offering.
"This outcome mirrors the success of the previous week’s T-bond result, which followed the release of better-than-anticipated domestic CPI (consumer price index) data for June and comments from the Bangko Sentral ng Pilipinas on the trajectory of its policy rate," the BTr said.
"The committee’s decision raised the full program of PHP30.0 billion, with an additional PHP30.0 billion accepted through the tap facility, bringing the total outstanding volume for the series to P201.9 billion," it added. (PNA)
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