NextGen Day

The Bureau of the Treasury (BTr) held an auction for 12-year Treasury bonds on Tuesday, and although the rate was higher than secondary rates, it was fully subscribed.

According to National Treasurer Rosalia de Leon, the average interest rate on the debt paper was 8.168 percent, which is higher than the rate on secondary debt.

The BTr offered it for PHP35 billion, but tenders came in at PHP80.953 billion, more than twice as much.

The T-bond has 11 years and 11 months left on its original 25-year tenor paper life.

De Leon informed media through Viber that “(the) average (rate), albeit higher than (in the) secondary (market), already permits for a policy rate hike to be given by the MB (Monetary Board).

According to her, BTr opened the tap facility window to reoffer the T-bond for PHP5 billion during the day.

This Thursday, the Monetary Board of the Bangko Sentral ng Pilipinas (BSP), which sets policy, will hold its seventh rate-setting meeting.

In order to maintain the interest rate differential between the United States and the Philippines, BSP Governor Felipe Medalla, who chairs the seven-man MB, earlier announced they would raise the central bank’s policy rates by 75 basis points once more.

In accordance with the central bank’s objective to maintain price stability and to prevent the peso from further falling against the US dollar, Medalla said more increases in the BSP’s key rates are possible.

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