High asking rates mark auction of T-bonds

By Jasper Emmanuel Y. Arcalas @jearcalas

The Bureau of the Treasury (BTr) made a partial award on the reissued T-bonds, raising P23.629 billion as the average yield settled above the secondary market benchmark rate and previous week’s level.

“With a remaining term of six years and 2 months, the bond (FXTN 07-68) was awarded at an average rate of 6.468 percent,” a statement from the Treasury read.

The debt paper fetched rates between 6.375 percent and 6.5 percent.

The secondary market benchmark rate for the debt paper with the same maturity was at 6.457 percent while last week’s auction saw an average yield of 6.337 percent. For the month of August, the Treasury is yet to make a full award of T-bonds.

Furthermore, Tuesday’s auction marked the third straight week that the Treasury settled for a partial award for its T-bonds tender. The tender was 1.4 times oversubscribed with total bids reaching P43.374 billion, according to the Treasury. The national government aims to borrow as much as P225 billion from the local market this month through the ten- der of government securities. (Related story: https://businessmirror.com. ph/2023/07/25/government-eyesraising-%E2%82%A7225b-in-augustfrom-gs-sale/)

For T-bonds, the Treasury plans to raise a total of P150 billion across five auctions. Meanwhile, the Treasury targets to raise P75 billion from the auction of short-term Treasury bills (T-bills). The national government has been struggling to raise the target amounts for its auctions as investors’ asking yields continuously increase.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort earlier said that the uptick in yields recently, especially for T-bills, was driven by a surge in global crude oil prices coupled by weaker peso exchange rate against the greenback.

EDITOR’S NOTE

The rotating column of Finex will be published in our August 10, 2023 issue.

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