THE Bureau of the Treasury (BTr) fully awarded the reissued P30 billion on offer for 3-year Treasury bonds (T-bonds) during its auction on Wednesday.
The security fetched an average rate of 2.169 percent, 5.5 basis points lower from the last reissuance which fetched an average rate of 2.224 percent.
National Treasurer Rosalia V. de Leon told reporters that the “demand for the belly of the curve remains strong” for T-bonds, bringing the rates lower during the week’s auction.
The auction attracted total tenders of P68.5 billion, more than 2.2 times oversubscribed from the P30 billion offer.
With a remaining term of 2 years and 9 months, the reissued T-bonds are set to mature on September 10, 2023.
The Treasury earlier announced that it has programmed to borrow P120 billion from the local debt market this month.
P20 billion worth of T-bills with a 91-day tenor was up for sale on December 1, while 182-day and 364-day tenors are up for sale on December 7 and December 14, respectively.
Meanwhile, another P30 billion worth of 7-year T-bonds will be sold on December 15.
“With its decision, the committee was able to raise the full program of P30 billion, bringing the total outstanding volume for FXTN [Fixed Rate Treasury Notes] 3-25 to P148.9 billion,” the BTr said.