THE GOVERNMENT partially awarded the reissued Treasury bonds (T-bonds) it offered on Tuesday as investors asked for higher yields in anticipation of the US Federal Reserve’s rate hike this week. READ:
Tuesday as investors asked forThe Bureau of the Treasury raised just P13.035 billion via the reissuedon Tuesday, less than the programmed P35 billion, even as the oThe debt papers, which have a remaining life of four years and 23 days, were awarded at an average rate of 4.669%, up by 58 basis points from the 4.089% quoted when the series was last oThe average yield fetched for the debt papers was also higher than the 4.
National Treasurer Rosalia V. de Leon said in a Viber message to reporters that yields bid by investors continued to rise as they remained defensive ahead of the Fed’s policy decision this week.Meanwhile, a bond trader said via Viber that the yields sought by investors remained high as expected as they expect ination to exceed the central bank’s 2-4% target anew due to rising prices of oil and other commodities.
“Another thing is the FOMC meeting on Thursday, where markets are wary on how hawkish they will be given last week’s oil rally.”
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