FULLY AWARDED. The reissued seven-year Treasury bond fetched an average rate of 6.807 percent during Tuesday's (Nov. 7, 2023) auction. The Bureau of the Treasury fully awarded the reissued T-bond. (PNA file photo)
MANILA – The Bureau of the Treasury (BTr) on Tuesday fully awarded the reissued seven-year Treasury bonds (T-bonds).
With a remaining term of six years and eight months, the reissued bond fetched an average rate of 6.807 percent.
The auction was two times oversubscribed with total tenders reaching PHP60.9 billion.
The BTr raised the full program of PHP30 billion, bringing the total outstanding volume for the series to PHP94.7 billion.
"The 7-year Treasury bond average auction yield stood at 6.807 percent, higher versus the 6.675 percent in the previous 7-year T-bond auction on October 17, 2023 but lower [than] the comparable 7-year PHP BVAL (Bloomberg Valuation Service) yield of 6.88 percent as of November 6, 2023," Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said.
Ricafort said this was also in view of the recent downward correction in the comparable seven-year US Treasury yield which is now at 4.63 percent, down from a high of 5.03 percent posted in Oct. 19, 2023. (PNA)
