The Bureau of the Treasury decided to fully award the reissued 10-year bonds at Tuesday’s (March 23) auction, with a remaining term of nine-years and three-months, the reissued debt papers fetched an average rate of 4.614 percent.

Total submitted bids amounted to P53.9 billion, nearly twice the P30 billion offer.

With the decision, the national government raised the full program of P30 billion, bringing the total outstanding volume for the series to P120 billion.

National Treasurer Rosalia de Leon said the government accepted banks bid despite a higher interest rate, which remained aligned with marking pricing.

Source: Manila Bulletin (