THE GOVERNMENT partially awarded the reissued 20-year Treasury bonds (T-bonds) it offered on Tuesday as rates declined on strong demand amid upcoming maturities of past issuances.
The Bureau of the Treasury raised just P22.969 billion from its offer of 20-year papers on Tuesday, less than the programmed P35 billion, even as total bids reached P65.514 billion.
National Treasurer Rosalia V. de Leon said in a Viber message to reporters that the bond offer was partially awarded as rates “aggressively declined” amid liquidity set to be released due to issuances maturing next week. Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text that investors continued to ask for high yields amid the strengthening peso and easing global oil prices, even as secondary market yields are on the decline amid expectations of dovish monetary policy.
Meanwhile, oil rebounded on Tuesday after falling to more than 11-month lows in the previous session, Reuters reported.
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