THE Bureau of the Treasury (BTr) made a full award on the three-year treasury bonds auctioned yesterday amid strong market demand and a lower rate.
This also prompted the BTr to open its tap facility window for the government IOU, which had remaining life of two years and 11 months.
The auction attracted tenders of P99.1 billion, more than thrice the P30 billion offer which was fully awarded.
The three-year paper fetched a rate of 2.946 percent, 106.8 basis points lower than the previous average of 4.014 percent.
Bids ranged between 2.898 percent and 2.97 percent.
“Search for yields so appetite now stretched to longer than one year with low inflation,” Rosalia de Leon, national treasurer, told reporters through Viber after the auction.
“Liquidity remains strong and investors continue to flock to safe havens,” she added.
De Leon said the BTr opened the tap facility window for the three-year treasury bonds for another P15 billion.
