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Manila Bulletin devider Business devider Gov't raises P30-B from reissued 10-yr IOUs

Gov't raises P30-B from reissued 10-yr IOUs

Published Oct 10, 2023 08:51 am

At A Glance

  • The Bureau of the Treasury raised P30 billion as planned from the reissued 10-year bonds it offered on Tuesday.<br>The bonds were awarded at an average rate of 6.512 percent. Accepted yields ranged from 6.4 percent to 6.6 percent.<br>Tenders for the debt paper totaled P40.828 billion.

The government made a full award of the reissued 10-year debt papers it auctioned off on Tuesday at a lower interest rate.

The Bureau of the Treasury (BTr) raised P30 billion as planned from the reissued ten-year bonds it offered on Tuesday.

The bonds, which have a remaining life of five years and three months, were awarded at an average rate of 6.512 percent. Accepted yields ranged from 6.4 percent to 6.6 percent.

The average rate of the reissued bonds was 29.2 basis points (bps) higher than the 6.22 percent seen when they were first offered on Aug. 30.

This was 5.2 bps higher than the 6.46 percent quoted for the five-year bond in the secondary market prior to Tuesday’s auction, based on Bloomberg Valuation Service (BVAL) Reference Rates data provided by the Treasury.

The total value of tenders for the debt paper reached P40.828 billion.

The bonds fetched higher yields following the Israel-Hamas conflict that led to some investment shifts to the safest assets such as U.S. or local government bonds, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

This, according to the economist, could have led lower U.S. Treasury yields to one-week lows lately.

“With the comparable 5-year U.S. Treasury/government bond yield eased to 4.60 percent, -0.15 day-on-day and down from the new 16-year high of 4.87% posts on October 4, 2023,” he added.

Related Tags

Treasury bonds T-bonds government borrowing Bureau of the Treasury
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