NextGen Day

T-bond rates dropped on Tuesday as a result of a robust demand for the government’s long-term debt paper.

When the paper was auctioned on June 1, the average rate was 4.187 percent, which was lower than the 5.084 percent that another 20-year bond brought in at the same auction. The paper has a remaining term of 11 years and eight months.

The T-bond was sold by the Bureau of the Treasury (BTr) for PHP35 billion, and it was completely subscribed for.

The total amount of bids received was PHP65.265 billion.

The high number of bids, according to National Treasurer Rosalia de Leon, may be linked to investors’ desire for long-term debt instruments.

“Investors anticipate a stable June inflation report, and (domestic) liquidity will be bolstered by the PHP31 billion maturity this week,” she said.

Inflation readings have remained stable at 4.5 percent from March to May, after reaching its highest level of the year so far in February at 2.7 percent.

Inflation has averaged 4.4 percent so far this year, which is still over the government’s goal range of 2-4 percent.

While the BTr provided the same tenor over the tap facility for PHP5 billion during the day, it did not offer it at night.

However, the total amount of offers received only reached PHP3.09 billion, which was completely approved.

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