THE GOVERNMENT upsized the volume of the Treasury bonds (T-bonds) it awarded on Tuesday amid strong demand as investors were looking for high-yielding instruments to park their cash.
THE GOVERNMENT upsized
The bonds, which have a remaining life of 19 years and 10 months, were awarded at an average rate of 6.525%, with accepted rates ranging from 6.49% to 6.6%. “The Auction Committee decided to fully award the reissued 20-year Treasury bonds at today’s auction… The bonds were 3.8 times oversubscribed, attracting P134 billion in total tenders compared with the P35-billion offering, which prompted the committee to double the allocation for non-competitive bids,” the BTr said in a statement on Tuesday.
“Investors tried to catch up with the recent rally… [there was] fear of losing an opportunity to invest,” the trader said.
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