Manila: Mixed results mark the Treasury bond (T-bond) auction on Tuesday as the Bureau of the Treasury (BTr) fully awarded the reissued three-year Treasury bond and partially awarded the 20-year T-bond. With a remaining term of two years and seven months, the reissued three-year T-bond fetched an average rate of 5.605 percent, lower than the previous auction level. The auction was 3.8 times oversubscribed with total tenders amounting to PHP37.9 billion, of which the full program of PHP10 billion was accepted.

According to Philippines News Agency, the reissued 20-year T-bond has a remaining life of 18 years and eight months. The security received total tenders reaching PHP25.7 billion or 1.0 times the offer size. The Auction Committee decided to partially award PHP16.8 billion of the PHP25 billion offered amount. It was able to secure an average rate of 6.421 percent, lower than the previous auction level.

With its decision, the Committee raised a total of PHP26.8 billion bringing the outstanding volume for the three-year and the 20-year T-bond to PHP361.4 billion and PHP229.6 billion, respectively.