The Bureau of the Treasury (BTr) has fully awarded the reissued 10-year treasury bonds during yesterday’s auction as it fetched lower rates.
With a remaining term of five years and eight months, the securities fetched an average rate of 5.925 percent.
This is lower than the original coupon rate of 6.875 percent set on its first issuance in January 2019 and current secondary market benchmark rates, the BTr said.
The auction attracted P61.8 billion in total tenders, 2.5 times the P25 billion offer.
With its decision, the committee raised the full program of P25 billion, bringing the total outstanding volume for the series to P295 billion.
Last Tuesday, the BTr’s treasury bills auction ended with mixed results as investors sought higher rates for some of the short-term tenors.
The BTr decided to fully award bids for the 363-day securities.
Meanwhile, it partially awarded the 91-day paper while it rejected bids for the 181-day IOU.
The BTr raised P6.9 billion of the P15 billion treasury bill offering. – Angela Celis
