NextGen Day

On Tuesday, the price of the 13-year Treasury bond (T-bond) issued by the Bureau of the Treasury (BTr) decreased, supporting the slide in the yield on government securities.

During the auction, last January 10, the average rate of the debt paper decreased from 7.182 percent to 6.197 percent.

The BTr offered the securities for PHP35 billion, and a large number of bids totaling PHP78.993 billion were submitted in response. The auction committee gave out the entire prize.

According to Michael Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC), the current interest rate on 13-year debt paper is more favorable for investors than the 6.1552 percent rate on the same-tenor securities on the secondary market as of January 30, 2023.

The Bangko Sentral ng Pilipinas (BSP) key rates are expected to continue rising next month, albeit at a slower pace, he said, explaining why the yield on T-bonds has decreased.

He stated that on February 1st, the Federal Reserve’s key interest rates are expected to change by the same amount, which is thought to have an impact on expectations for a potential 25 basis point hike in BSP rates.

The Federal Reserve’s forecasts for ongoing but slower rate increases can be linked to the slowdown in the US consumer price index (CPI).

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