The Bureau of the Treasury awarded in full the P30 billion in five-year treasury bonds it offered at the auction Tuesday.
Strong demand from government securities dealer for the second treasury bonds offer this year, and bids that kept the coupon rate in line with the current yield for similar maturity in the secondary market allowed the Bureau of the Treasury to make a full award.
Total tenders was more than double the offered amount at P74.33 billion.
The averagerate on the treasury bond due January 2029 was set at 6.073 percent, in line with the secondary market rate of 6.019 percent.
High demand for government debt has allowed the National Treasury to upsize treasury bill offers. The government will borrow a large amount from the domestic debt market to fund the budget deficit this year that is expected to narrow to P1.36 trillion, around 5.1 percent of projected gross domestic product for 2024.
