Gov’t borrows another P25B via T-bond issue

INQUIRER FILE PHOTO

MANILA , Philippines  -The Bureau of the Treasury (BTr) on Tuesday made a full award of its reissued 25-year Treasury bonds (T-bonds), raising a total of P25 billion during the day’s auction which brought the total sale in the series to P188.4 billion even as rates fell slightly in the government’s latest offering.

The long term-securities, which have a remaining term of 12 years and 6 months, fetched an average rate of 6.167 percent, lower than the previous average of 6.197 percent.

“The auction attracted P54 billion in total tenders, 2.2 times the P25 billion offer. With its decision, the committee raised the full program of P25 billion, bringing the total outstanding volume for the series to P188.4 billion,” the Treasury said in a statement.

Last Jan. 31, the BTr also awarded in full the reissued securities, but was able to raise funds higher at P35 billion during the earlier auction.

The January auction also had a higher demand, with P79 billion in total tenders which is 2.3 times the offering for the sale.

Earlier this month, the BTr also raised P25 billion from its sale of reissued 10-year T-bonds with a remaining term of nine years and six months, which brought the total amount raised for that series to P140 billion. INQ

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