Government raises P10 billion from reissued three-year bonds

The government made a full award of reissued three-year Treasury bonds (T-bonds) on Tuesday, May 8.
At Tuesday’s auction, the Bureau of the Treasury (BTr) raised P10 billion from the reissued bonds maturing on Jan. 5, 2021.
Total tenders reached P19.424 billion, nearly double the amount the BTr wanted to raise.
The three-year bonds fetched an average rate of 4.703% with a coupon rate of 4.25%. This was higher than the 4.632% average rate fetched when the papers were last sold.
At the secondary market, before Tuesday’s auction, the 20-year papers were quoted at 5.3893%. — Karl Angelo N. Vidal