The national government raised P35 billion through the sale of seven-year Treasury bonds at Tuesday’s auction, April 20.

The Bureau of the Treasury said the long-term IOUs fetched a coupon rate of 3.625 percent, lower than prevailing secondary market rates.

National Treasury Rosalia de Leon said the healthy auction with strong demand and favorable interest rate prompted the government to accept additional P25 billion worth of offers through a tap facility.

The auction was almost three-times oversubscribed, attracting total tenders of P90.4 billion compared with the P35 billion offer.

Source: Manila Bulletin (