The Bureau of the Treasury on Tuesday raised P30 billion from reissued 10-year bonds despite higher bids.
The debt paper maturing on July 9, 2030, was fully awarded at an average annual rate of 4.614 percent.
Bid rates ranged between a 4.35 percent and a high of 4.7 percent.
When this treasury bond was first issued in July last year, it fetched a coupon of 2.875 percent. Last month, it was reissued at only 3.066 percent.
National Treasurer Rosalia de Leon said the IOUs were awarded at a rate which was “aligned with market pricing.”
Despite the higher rate, De Leon said the Treasury needed to provide a benchmark for the long end of the curve, citing that investors like insu…
Keep on reading: Treasury sells P30B in 10-yr reissued bonds