Gov issues ₱300B FXTNs a day early, exceeds P3B target

The government successfully issued P300 billion worth of new 10-year fixed-rate Treasury notes (FXTNs) a day ahead of schedule on April 24, exceeding the initial target of P30 billion.

National Treasurer Sharon Almanza highlighted that this issuance aims to provide more investment opportunities and support the country's programs and goals.

The strong demand for longer-dated tenors was driven by expectations of potential rate cuts by the Bangko Sentral ng Pilipinas (BSP), which resumed its easing cycle last month, attracting PHP307.05 billion in bids within five days.

Despite global economic uncertainties, the success of this offering underscores the robustness of the domestic fixed-income market and investor confidence in government securities as stable investment options.

The bonds will mature in 2035 and were mainly targeted at institutional investors such as corporates, cooperatives, trust funds, retirement funds, and provident funds.