BTr fully awards bids

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The Bureau of the Treasury (BTr) has fully awarded bids for the reissued 10-year treasury bonds during yesterday’s auction amid healthy demand for the government IOUs.

With a remaining term of nine years and 10 months, the reissued bonds fetched an average rate of 6.954 percent.

This is 53.4 basis points higher than the previous rate of 6.42 percent.

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The Bloomberg Valuation Service reference rate for the 10-year tenor is 6.632 percent.

The auction attracted P48.9 billion in total tenders, 1.6 times the P30 billion offer.

With its decision, the BTr raised the full program of P30 billion.

The latest transaction brings the total outstanding volume for the series to P90 billion.

Last Monday, the BTr’s treasury bills auction ended with mixed results as the auction committee decided to fully award bids for the 91- and 364-day securities while partially awarding the 182-day paper.

The auction was 1.6 times oversubscribed, attracting P23.4 billion in total tenders. The BTr raised P14.3 billion of the P15 billion total offering. – Angela Celis

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