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Manila Bulletin devider Business devider Gov't raises P30-B long-term notes

Gov't raises P30-B long-term notes

Published Nov 7, 2023 09:30 am

At A Glance

  • The Bureau of the Treasury raised P30 billion as planned from the reissued 7-year bonds it offered on Tuesday.<br>The bonds were awarded at an average rate of 6.807 percent. Accepted yields ranged from 6.7 percent to 6.8 percent.<br>Tenders for the debt paper totaled P60.889 billion.

The government has made a full award of the reissued seven-year IOUs despite higher interest rates.

On Tuesday, Nov. 7, the Bureau of the Treasury raised P30 billion through an auction of reissued Treasury bonds with a remaining life of six-years and seven-months.

The bonds were awarded at an average rate of 6.807 percent. Accepted yields ranged from 6.7 percent to 6.8 percent.

In contrast, the rate in the secondary market was higher at 6.88 percent. This is based on the PHP Bloomberg Valuation (BVAL) Service Reference Rates published on the Philippine Dealing System’s website.

However, the previous seven-year T-bond auction was lower at 6.68 percent in the posted on Oct. 17.

Total tenders received were P60.889 billion, twice higher than the awarded T-bonds. 

 Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the comparable seven-year U.S. Treasury yield decreased to 4.63 percent, down from a high of 5.03 percent in Oct. 19.

“Recent signals that the Fed could be done raising rates for now, as relatively higher U.S. Treasury yields recently served as a de facto monetary tightening that reduced the need for more Fed rate hikes,” he further stated.

Related Tags

T-bonds Bureau of the Treasury
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