MANILA -- The Bureau of Treasury (BTr) has rejected tenders for the reissued Treasury bond (T-bond) offered on Tuesday as it fetched a higher interest rate.
The five-year T-bond was offered at PHP10 billion with a coupon rate of 5.5 percent. It now has a remaining life of four years and eight months.
The government security fetched a total of PHP14.91-billion worth of bids at an average rate of 5.98 percent on Tuesday’s auction.
“Submitted bids were higher than secondary market rates and previous auction result in May 2018,” BTr’s auction committee noted. The average rate during the first reissuance of the said T-bond was only at 5.59 percent.
Meanwhile, total outstanding amount for the series remains at PHP22.04 billion, according to the BTr. (PNA)
