NextGen Day

The reissued 13-year Treasury bonds (T-bonds) were fully awarded by the Bureau of Treasury (BTr) on Tuesday.

The asset sold for an average rate of 5.854%, less than the original coupon rate of 6.250% set at its initial issuance in April last year, and has a remaining term of 12 years and 11 months.

The total amount of bids was PHP68.4 billion.

“With its decision, the (Treasury) Committee raised the full program of PHP25 billion, bringing the total outstanding volume for the series to PHP44.5 billion,” the BTr stated.

According to Michael Ricafort, chief economist of Rizal Commercial Banking Corporation (RCBC), the lower auction yield came “a day after robust demand for the Treasury bill auction, a sign of excess liquidity in the financial system.”

The 91-, 182-, and 364-day T-bills received a combined PHP59.6 billion in bids on Monday during the auction, nearly four times oversubscribed.

“The lower 13-year T-bond auction yield also came after strong signals of a possible pause in local policy rates on May 18, 2023,” added Ricafort.

On Thursday, the Bangko Sentral ng Pilipinas (BSP) Monetary Board will hold its third rate-setting meeting of the year.

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