The Bureau of the Treasury (BTr) awarded in full Treasury bonds, or T-bonds, worth P15 billion sold at the auction of three-year IOUs on Tuesday.
According to National Treasurer Roberto B. Tan, the T-bonds attracted bids that were within the acceptance range of the auction committee.
“The auction went very well,” Tan said of the exercise, which was met by “very good demand” and all “very auspicious.”
“[We have very good pricing also so we fully awarded [all bids]. [The bids were] very much within the acceptance range that we had [set] internally. And we opened the tap for those who would like to participate,” Tan told reporters. The coupon rate for the three-year T-bonds averaged 3.375 percent.
The Treasury handled total tenders reaching P37.2368 billion, with the committee having to reject P22.238 billion.
The BTr also opened the tap facility and accept bids until Wednesday when up to P15 billion worth of T-bonds may be sold.
“I understand up to double [the amount on offer]. I think that’’s the ceiling,” according to Tan.
The opening of the tap facility is meant to accommodate excess bids of interested participants who still want to bid offers.
“I think markets are settling and yields are going down compared to last month and the quarter before. We are hoping for the best this year in terms of normalizing our auction and other capital market-generating activities,” Tan said.