MANILA - - Average rate of the Philippine government-issued Treasury bond (T-bond) declined Tuesday due to strong demand.

Rate of the debt paper went down to 4.647 percent during Tuesday's  auction, lower than the 4.718 percent in previous auction on Aug. 22.

It’s current average rate, however, is higher than the 4.5850 percent at the secondary market Tuesday morning.

In a statement, the Bureau of Treasury (BTr) said the debt instrument’s latest average was “well within internal estimates.”

The auction committee made a full award of PHP15 billion as tenders reached nearly twice at PHP26.287 billion.

“To date, total outstanding volume for the series is at PHP54.7 billion,” it added. (PNA)