Gov't successfully auctions oversubscribed T-bonds

On Tuesday, the government successfully auctioned off P35 billion in seven-year Treasury bonds (T-bonds), which were oversubscribed by more than 1.5 times with total tenders reaching P55.62 billion.

The average rate for these reissued T-bonds was 4.689%, a slight increase from the previous session's 4.468% and close to the secondary market level of 4.6788%.

National Treasurer Rosalia de Leon noted a reduction in bids compared to the last auction, with the highest offer dropping from 5.2% to 4.75%. The Bureau of Treasury also offered an additional P5 billion through a tap facility but did not make any awards due to high demand.