Amid the COVID-19 outbreak, the Philippines has deferred its plan to sell renminbi-denominated panda bonds in China this month even as domestic demand for government securities remained robust.
The Bureau of the Treasury on Monday sold all P20 billion in bills, with the auction oversubscribed by 2.5 times as tenders across the three tenors totaled P53 billion.
The P6 billion in benchmark 91-day securities fetched an average rate of 3.024 percent, up from 3.013 percent last week.
The Philippines sold panda bonds in 2018 and 2019.—Ben O. de Vera INQ
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