BTr partially awards PHP22.1B in five-year T-bonds

The Bureau of the Treasury (BTr) partially awarded PHP22.126 billion in five-year Treasury bonds on Tuesday, falling short of its PHP35 billion target due to high bid yields.

Investors submitted bids totaling PHP58.277 billion at an average rate of 4.012%, up from the previous yield of 3.762%.

National Treasurer Rosalia de Leon noted that the highest bid was 4.15%, which she deemed 'way above fair value'.

De Leon attributed the high yields to expectations of inflation easing and the BSP's accommodative stance, aiming to support economic recovery.