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Manila Bulletin devider Business devider Treasury fully awards reissued 10-year bonds

Treasury fully awards reissued 10-year bonds

Published Oct 24, 2023 09:04 am

At A Glance

  • The government was able secure P30 billion of 10-year retail treasury bonds.<br>Investors sought an average bid rate of 6.954 percent for the Treasury bonds. The secondary market rate was lower at 6.63 percent.<br>Tenders for the debt paper totaled P48.87 billion.

The government has made a full award of the reissued 10-year Treasury bonds (T-bonds) that fetched an average interest rate of 6.954 percent.

On Tuesday, Oct. 24, the Bureau of the Treasury raised P30 billion through an auction of reissued T-bonds with a remaining life of nine-years and 10-months. Total tenders received were P48.872 billion.

Accepted yields ranged from 6.800 percent and 6.999 percent.

The average rate of the reissued bonds was 53.4 basis points higher than the 6.42 percent seen when they were first offered.

In contrast, corresponding corporate bonds in the second market were lower at 6.63 percent, according to the Bloomberg Valuation Service Reference Rates published on the Philippine Dealing System’s website.

Higher bids could be due to lower demand compared to the previously similar T-bond auction at P66.719 billion, said Michael Ricafort, chief economist at Rizal Commercial Banking Corp.

He also added that the two-week-long Israel-Hamas conflict and the potential risk of volatility in global oil prices, which could lead to higher inflation and policy rates, may also factor in higher rates.

“As well the reiteration of hawkish signals from local monetary officials recently,” the economist further said.

Related Tags

T-bonds Bureau of the Treasury
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