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Treasury bond auction hits target, raises P30 B

Business

Treasury bond auction hits target, raises P30 B

By Xander Dave Ceballos

At A Glance

The Bureau of the Treasury raised P30 billion as planned from the new three-year bonds it offered on Wednesday.<br>The Treasury bonds that were sold carried a coupon rate of 6.000 percent.<br>Tenders for the debt paper totaled P53.279 billion.

The government made a full borrowing on the new three-year treasury bonds it auctioned off on Wednesday amid a lower interest rate.

At an auction, the Bureau of the Treasury successfully raised the planned P30 billion through the sale of three-year debt papers. The total bids received amounted to P53.279 billion.

The T-bonds that were sold carried a coupon rate of 6.000 percent.

Meanwhile, the average rate obtained was 5.900 percent, 0.322 basis points (bps) lower than the 6.222 percent rate from the previous offering on Sept. 5.

This was lower than the 5.92 percent quoted for the three-year bond in the secondary market prior to Wednesday’s auction, based on Bloomberg Valuation Service (BVAL) Reference Rates data provided by the Treasury.

The bonds fetched lower yields as markets still priced in nearly -1.50 Fed rate cuts for this year, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“Lower T-bond yield came after global crude oil prices at 2-week lows and also among 2-year lows that could help further ease headline inflation towards the central bank’s target and would also support/justify possible policy rate cuts in 2024,” he added.

Ricafort also cited the expected easing of the inflation for December last year and this year’s first quarter backed by higher base and denominator effects.

Related Tags

Treasury bonds Bureau of the Treasury

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