The Bureau of the Treasury (BTr) on Tuesday fully awarded the re-issued 20-year Treasury bonds (T-bonds).
With a remaining term of three years and one month, the re-issued T-bonds fetched an average rate of 6.009 percent, which is lower than the prevailing secondary market three-year benchmark.
The comparable three-year PHP Bloomberg Valuation Service yield was at 6.07 percent.
Rizal Commercial Banking Corporation chief economist Michael Ricafort said this is amid market expectations on a possible local policy rate cut of 0.25 basis points (bps) as early as Aug. 15 and another 0.25 (bps) local rate cut in the fourth quarter as signaled and reiterated by some local monetary officials recently.
The auction was 2.1 times oversubscribed as total tenders reached PHP62.6 billion.
The BTr raised the full program of PHP30 billion, bringing the total outstanding volume for the series to PHP91.1 billion. (PNA)
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