Manila: The Bureau of the Treasury (BTr) announced a successful reissuance of the 10-year Treasury bond (T-bond), highlighting substantial investor interest. The BTr fully awarded bids for the reissued T-bond during the auction held today.

According to Philippines News Agency, the reissued T-bond, which now has a remaining term of nine years and 11 months, achieved an average yield of 6.226 percent. This yield is lower than the original 6.375 percent coupon rate when the bond was first issued last month and also below the current secondary market yield for the security.

The auction saw significant participation, being oversubscribed by 3.7 times with total tenders amounting to PHP109.5 billion. In response to this demand, the Committee initially raised the full program amount of PHP30 billion, while also allowing for further subscriptions through a tap facility.

The tap facility, operational from 2 to 5 p.m. on the same day, enables BTr to accommodate additional demand for government securities. The BTr allocated a PHP10 billion program for this tap facility offer, with results expected to be released within the day.

Currently, the total outstanding volume for the reissued T-bond stands at PHP330 billion.