Manila: The Bureau of the Treasury (BTr) fully awarded bids for the reissued Treasury bond (T-bond) during Tuesday's auction. With a remaining term of five years and 25 days, the reissued T-bond fetched an average yield of 5.896 percent, which was lower than the prevailing five-year benchmark at 5.937 percent.

According to Philippines News Agency, the auction was 1.9 times oversubscribed with total tenders reaching PHP57.5 billion. Rizal Commercial Banking Corp. chief economist Michael Ricafort noted that the average yield of the T-bond slightly fell below the comparable benchmark ahead of the latest local inflation data on Friday, which could slightly go up, largely due to the 12-day Israel-Iran attacks.

With its decision, the Auction Committee raised the full program of PHP30 billion, bringing the total outstanding volume for the series to PHP356.7 billion.