The rate of re-issued seven-year Treasury bond (T-bond) rose on Tuesday and demand for the debt paper remained strong.
The average rate of the securities moved to 4.689 percent from 4.468 percent in the previous session.
The Bureau of the Treasury (BTr) offered the debt paper for PHP35 billion, and total tenders reached PHP55.623 billion. The auction committee made a full award.
National Treasurer Rosalia de Leon said there was “marked reduction in bids submitted from (the) last auction.”
In a Viber message to journalists, de Leon said the highest offer for the same tenor in the previous auction was 5.2 percent but it went down to 4.75 percent on Tuesday.
“Average tracks (are) secondary level,” she said.
The BTr reoffered the paper over the tap facility during the day for PHP5 billion.
The offer attracted PHP565 billion worth of bids but no award was made.
Source: Philippines News Agency
