Manila: Mixed results mark the Treasury bond (T-bond) auction on Wednesday as the Bureau of the Treasury (BTr) fully awarded the reissued three-year Treasury bond and partially awarded the 25-year T-bond.

According to Philippines News Agency, the reissued three-year T-bond, with a remaining term of two years and 10 months, fetched an average rate of 5.760 percent, which is lower than the current secondary market rate. The auction saw a 2.0 oversubscription with total tenders amounting to PHP40.7 billion, and the full program of PHP20 billion was accepted.

The 25-year T-bond, on the other hand, has a remaining maturity of 24 years and seven months. The Auction Committee decided to partially award PHP15.1 billion out of the PHP20 billion offering at an average rate of 6.649 percent. The auction received total tenders reaching PHP22.6 billion, or 1.1 times the original offer.

With its decision, the Committee raised a total of PHP35.1 billion for the auction. This brought the outstanding volume for the reissued three-year and the 25-year T-bond to PHP321.4 billion and PHP65.1 billion, respectively.