MANILA – The Bureau of the Treasury (BTr) on Tuesday partially awarded the reissued seven-year Treasury bonds (T-bonds).
With a remaining term of six years and two months, the bond was awarded at an average rate of 6.468 percent.
The auction was 1.4 times oversubscribed as total submitted bids reached PHP43.4 billion.
The BTr raised PHP23.6 billion out of the PHP30-billion offering, bringing the total outstanding volume for the series to PHP145.4 billion.
In a Viber message, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said the six-year T-bond average auction yield at 6.468 percent is almost the same as the comparable six-year PHP BVAL (Bloomberg Valuation) yield at 6.46 percent as of Aug. 7, 2023.
"[This is] after recent less hawkish signals locally on being careful of not hiking local policy rates too much to avoid slowing economic growth," Ricafort said. (PNA)
