The national government borrowed P35 billion from the domestic market despite higher returns.
The benchmark coupon rate on debt falling due in 10-years rose to 7.5 percent from 6.75 percent when same instrument was sold in last Sept. 13.
Likewise, the yield is slightly higher than the 7.202 percent fetched in the secondary market, based on the PHP Bloomberg Valuation (BVAL) Service Reference Rates published on the Philippine Dealing System’s website.
Investors were willing to buy as much as P58.411 billion of the newly issued 10-year bonds, more than the government's offer of P35 billion.
“We made a full award after seeing interest rates are within the secondary market levels for comparative maturities,” National Treasurer Rosalia V. De Leon told reporters after the auction.