NextGen Day

The reissued 10-year Treasury bonds (T-bonds) were fully awarded by the Bureau of Treasury (BTr) on Tuesday.

The reissued bonds sold for an average rate of 5.958 percent, less than the secondary market benchmark, and had a remaining term of nine years and three months.

Three times the PHP25 billion offer, total tenders totaled PHP74.8 billion.

The overall outstanding volume for the series is now PHP215 billion after the BTr raised the entire PHP25 billion program.

Michael Ricafort, the chief economist of Rizal Commercial Banking Corporation (RCBC), commented that the average yield on nine-year Treasury bonds was lower than the equivalent on nine-year Philippine Bloomberg Valuation Service bonds at 5.97 percent as of May 29.

According to Ricafort, this results from a lower correction in US Treasury yields following the weekend’s tentative agreement to raise the US debt ceiling.

“[This is also] before the latest inflation data on June 6, 2023, that is expected to ease further in the coming months, thereby could fundamentally support the easing trend in Treasury bill and Treasury bond auction yields if inflation eases further later in 2023 and by early 2024,” the author wrote.

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