The rate on seven-year bonds averaged higher to 6.229 percent at the auction held by the Bureau of the Treasury on Tuesday. Bid rates range from 6.20 percent and 6.35 percent.
The auction was held a day after the National Government reported a budget deficit of P164.7 billion in February, erasing the budget surplus of P88 billion recorded in January.
Total tenders reached P40.25 billion for the offered amount of P30 billion, which was awarded by the National Treasury in full.
The bond was originally issued in January at a coupon of 6.125 percent. It will mature on January 2031.
In the secondary market for government debt papers, seven-year maturities were quoted at 6.147 percent on Tuesday.
