BTr raises P30B from Tbonds

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

    Total tenders for the re-issued securities reached P63 billion, more than twice the P30 billion offer.

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

    The treasury bonds, with remaining life of nine years and five months, fetched an average rate of 3.066 percent, 34.2 basis points higher than the previous rate of 2.724 percent, but was within market expectations, the BTr said.

    “Good to see strong participation in the long end at relatively low pick up in yields,” Rosalia de Leon, national treasurer, told reporters via Viber after the auction.

    Asked if she sees this rate uptick to be a trend in the near-term, de Leon said: “Some upward adjustments in the long-end, but front-end will remain with abundant liquidity and heavy bias on this segment.”

    Last Monday, the BTr also raised P24 billion from its auction of treasury bills.