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Manila Bulletin devider Business devider Gov't awards in full reissued Treasury bonds

Gov't awards in full reissued Treasury bonds

Published Nov 21, 2023 07:40 am

At A Glance

  • The national government has fully awarded the reissued 20-year Treasury bonds (T-bonds) at an average rate of 6.593 percent.<br>This was lower compared to the 6.78 percent recorded in the second market.<br>Total tenders received were P71.303 billion.<br>Michael Ricafort, chief economist at Rizal Commercial Banking Corp., attributed the low auction yields to the latest rate pause by the Fed and the central bank, and possible Fed rate cuts next year.<br>He also cited the strongest peso exchange rate against the U.S. dollar in more than three and a half months as another factor.

The national government has fully awarded the reissued 20-year Treasury bonds (T-bonds) amid higher demands.

On Tuesday, Nov. 21, the Bureau of the Treasury raised P30 billion through an auction of reissued T-bonds with a remaining life of 15 years and two months. Total tenders received were P71.303 billion.

The bonds were awarded at an average rate of 6.593 percent. Accepted yields ranged from 6.5 percent to 6.7 percent.

This average rate was lower compared to the corresponding corporate bonds in the second market at 6.78 percent, according to the Bloomberg Valuation Service Reference Rates.

Low interest could be attributed to the latest rate pause by the Fed and the central bank, and possible Fed rate cuts next year that could be matched locally, said Michael Ricafort, chief economist at Rizal Commercial Banking Corp.

He also said that the lower interest is supported by an easing inflation trend which is moving closer to the central bank’s inflation target and also largely supported by the easing trend in global oil prices, which is the lowest in three to four months

“As well as the recent decline in U.S. Treasury yields to 2-month lows for the 10-year benchmark to 4.48 percent,” Ricafort added.

The chief economist also cited the strongest peso exchange rate against the U.S. dollar in more than three and a half months as a factor in lower Treasury bond yields.

Related Tags

T-bonds Michael Ricafort Bureau of the Treasury
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