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The rate on a 7-year T-bond has risen.

On Tuesday, the rate on a reissued seven-year Treasury bond (T-bond) increased, yet demand for the debt paper remained high.

The securities’ average rate increased to 4.689 percent from 4.468 percent the previous session.

The debt paper was auctioned by the Bureau of the Treasury (BTr) for PHP35 billion, with total tenders reaching PHP55.623 billion. A full prize was made by the auction committee.

“There was a noticeable decline in bids made from (the) last auction,” National Treasurer Rosalia de Leon remarked.

De Leon told media over Viber that the highest offer for the same tenor in the previous auction was 5.2 percent, but that it had dropped to 4.75 percent on Tuesday.

She stated, “Average songs (are) secondary level.”

During the day, the BTr reoffered the paper for PHP5 billion over the tap facility.

The offer drew offers totaling PHP565 billion, however, no award was made.

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