The Bureau of the Treasury (BTr) has made a full award for the treasury bonds auctioned yesterday, completing the government’s local funding requirements for the year.
In a statement, the BTr said it raised the full program of P20 billion for the reissued 10-year treasury bonds.
The auction was well received by the market, going two times oversubscribed with total tenders reaching P40.7 billion.
The BTr’s decision brings the total outstanding volume for the series to P140 billion.
“The funds raised from this auction allowed the BTr to complete its domestic funding requirements for the year,” the agency said.
“As a result, the BTr has decided to cancel its remaining auctions for the year,” it added.
With a remaining term of nine years and eight months, the reissued IOUs fetched an average rate of 6.224 percent, lower than when it was last reissued in November.
Last Monday, the treasury bills auction ended with mixed results as rates were capped for securities with longer tenors.
The BTr decided to fully award bids for the 91-day paper while partially awarding the 182- and 364-day IOUs.
The government was able to raise P9.7 billion of the P10 billion total offering.
