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Manila Bulletin devider Business devider 10-year coupon rate drops

10-year coupon rate drops

Published Sep 13, 2022 02:45 pm

The benchmark interest rate on debt falling due in 10-years declined at an auction of the government IOUs at the Bureau of the Treasury on Tuesday, Sept. 13.

The coupon rate of the new 10-year Treasury bonds fetched at 6.75 percent, lower than the 7.75 percent when same instrument was sold in June 2022.

However, the coupon rate was slightly higher than the 6.600 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 P99.311 billion of the newly issued 10-year bonds, more than the government's offer of P35 billion.

“Strong demand kept interest rates within secondary level even with hawkish statement from US Federal Reserve and commitment to bring inflation to two percent target,” National Treasurer Rosalia V. De Leon told reporters after the auction.

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Bureau of the Treasury National Treasurer Rosalia V. De Leon
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