The Bureau of the Treasury made a partial award for the benchmark interest rate on debt falling due in seven years.
The coupon rate of the new seven-year Treasury bonds was set at seven percent, higher than the 6.778 percent quoted in the secondary market, based on the PHP Bloomberg Valuation (BVAL) Service Reference Rates.
Investors were willing to buy as much as P54.105 billion of the newly issued seven-year bonds, more than the government's offer of P35 billion. However, the Treasury bureau opted to award only P24.125 billion.