The Bureau of the Treasury fully awarded all P30 billion in bonds it offered on Tuesday as bid rates declined amid robust demand.
The Treasury sold the reissued 10-year IOUs at an average annual rate of 3.182 percent, which was below the original coupon rate and comparable with previous auction rates, it said in a statement.
Investors tendered P80.6 billion for the IOUs with a remaining life of five years and two months, making the auction more than two times oversubscribed.
National Treasurer Rosalia V. de Leon said the Treasury received “strong” offers at rates hovering around secondary market levels.
De Leon said the debt paper maturing on Sept. 9, 2025, was awarded at a lower rate given the strong demand for this security. —Ben O. de Vera INQ