MANILA – The Bureau of the Treasury (BTr) fully awarded on Tuesday the three-year Treasury bond after its rates went down due to high demand.
It offered the debt paper for PHP25 billion and bids were more than twice at PHP50.979 billion.
Its average rate slipped to 5.883 percent from 5.908 percent previously.
This is a reversal from the rising interest rates given the hikes in the Bangko Sentral ng Pilipinas’ (BSP) key rates.
“Full award with strong demand and rates (that are) even lower than secondary level,” National Treasurer Rosalia de Leon told journalists in a Viber message.
The rates of some government securities (GS) auctioned in recent weeks have declined.
De Leon said they need to award some amount to ensure supply in the market and guide pricing in the secondaries. (PNA)
