MANILA – The Bureau of the Treasury (BTr) fully awarded the re-issued three-year Treasury bonds (T-bonds) at Tuesday's auction.
With a remaining term of two years and seven months, the re-issued bond fetched an average rate of 6.347 percent, lower than the prevailing secondary market rates.
"The 3-year Treasury bond average auction yield stood at 6.347%, lower vs the comparable 3-year PHP BVAL (Bloomberg Valuation Service) yield at 6.39 percent as of May 27, 2024 after the latest signals from local authorities on possible local policy rate cuts of about -150 (basis points) until 2025, with the earliest local rate cut by third quarter of 2024," Rizal Commercial Banking Corporation chief economist Michael Ricafort said in a statement.
The auction was nearly 2.4 times oversubscribed with total tenders reaching PHP71.4 billion.
With its decision, the BTr raised the full program of PHP30.0 billion, bringing the total outstanding volume for the series to PHP90 billion. (PNA)
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