Gov’t IOUs hit P3.917T as of Oct

The total amount of outstanding government-issued debt paper further rose to P3.917 trillion as of October, even as that month’s auctions were only partially awarded, the latest Bureau of the Treasury data showed.

The combined value of outstanding treasury bills and bonds at the end of the first 10 months increased from P3.904 trillion in September.

Treasury bonds accounted for the bulk of outstanding debt paper, with a face amount totaling P3.623 trillion, up from P3.611 trillion a month ago.

Outstanding treasury bills, meanwhile, amounted P294.6 billion, up from P293 billion as of September.

Last month, the Treasury sold P17.91 billion in T-bills out of the P20-billion offering as it capped issuance of the one-year debt paper due to rising rates.

The P25 billion in reissued seven-year bonds offered by the Treasury, meanwhile, fetched only P22.1 billion, the first undersubscribed auction of government securities under the Duterte administration.

The Treasury eventually issued P11.8 billion in IOUs maturing on April 21, 2023 at a higher average rate of 3.605 percent.

Among the outstanding

T-bonds, three-year IOUs amounted P50.8 billion; five-year debt paper, P276.4 billion; seven-year treasury bonds, P605.9 billion; and 10-year
T-bonds, P362.6 billion.

For 10-year agrarian reform bonds, the outstanding amount was P7 billion; 20-year IOUs, P298.3 billion; and 25-year debt paper, P235.9 billion.

Of the $6.582-million Philippine Par Bond redenominated into 28.5 years, P97.1 million remained outstanding.

Also outstanding were P801.9 billion in retail treasury bonds; P909.3 billion in benchmark bonds; P50 billion in 25-year CB-BoL T-bonds; and P24.2-billion onshore dollar T-bond.

As for the outstanding T-bills, P89 billion was from the auction of 91-day IOUs; P96 billion from 182-day debt paper; and P109.6 billion from 364-day treasury bills.