NextGen Day

MANILA, Philippines — During its initial auction on Tuesday, the Bureau of the Treasury (BTr) rejected all offers for the three-year Treasury bond (T-bond).

The rate of the T-bond would have climbed to 4.172 percent from 2.279 percent for a similar tenor issued before if the auction committee had fully granted the PHP35-billion offer.

The paper received a total of PHP46.26 billion in bids.

“During the auction, large bids raised the coupon for the new 3-year T-bonds to 4.375 percent, settling higher than the secondary market benchmark,” according to a statement from the BTr.

Given investors’ appetite, National Treasurer Rosalia de Leon previously stated that the government’s inflation forecast for this year, as well as concerns about the Ukraine-Russia conflict and the results of the retail treasury bond (RTB), is expected to have an impact on the borrowing program for the month.

The Bangko Sentral ng Pilipinas (BSP) has raised its annual inflation forecast from 3.4 percent to 3.7 percent, citing the impact of increasing oil and commodity prices on the international market, as well as implications on domestic expenditures.

During these price increases, monetary authorities disregarded any second-round effects, as well as any potential influence on PUV fares, among other things.

The BTr raised PHP457.8 billion during the two-week offer period for a five-year RTB, which has a minimum investment of PHP5,000 and is aimed at small investors.

New investments raised PHP457.54 billion of the total award, while the swap option for previously issued T-bonds raised PHP259.5 million.

The paper’s settlement date, which has a coupon rate of 4.875 percent, is slated for March 4th.

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