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Manila Bulletin devider Business devider Gov't fully awards reissued 10-year bonds

Gov't fully awards reissued 10-year bonds

Published Nov 14, 2023 08:46 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 6.781 percent. Accepted yields ranged from 6.7 percent to 6.8 percent.<br>Tenders for the debt paper totaled P65.30 billion.

The Bureau of the Treasury made a full award at Tuesday’s auction, Nov. 14, of the reissued 10-year debt paper at a lower interest rate.

The government’s Treasury bonds (T-bonds) maturing Aug. 17, 2033 averaged at 6.781 percent, significantly lower compared with 6.954 percent fetched in the previous 10-year T-bond auction on Oct. 24.

In contrast, the rate in the secondary market was higher at 6.74 percent, based on the PHP Bloomberg Valuation (BVAL) Service Reference Rates.

Investors were offering to buy up to P65.30 billion worth of T-bonds, but the bureau opted to maintain its borrowing cap at P30 billion as planned.

The lower yield could be attributed to the recent decline in the comparable 10-year U.S. Treasury yield benchmark at 4.63 percent, down from the new 16-year high of 5.02 percent as of Oct. 23, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

He also cited the easing of global oil prices which could lead to a possible pause in local policy rates.

Related Tags

T-bonds Bureau of the Treasury
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