The Philippine government sold P25 billion of reissued 10-year Treasury bonds, the Bureau of the Treasury (BTr) said Tuesday.
The auction was more than three times oversubscribed, with total bids reaching P77.174 billion. The bonds, which have a remaining term of nine years and seven months, fetched an average rate of 5.907 percent.
It said this was lower than the 5.997 percent average rate from the previous reissuance on Aug. 19 and also lower than the current secondary market rate.
The lower yield could be attributed to increased demand for government securities following the maturity of 288.66 billion pesos worth of T-bonds on Sept. 9, 2025, said Michael Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC).
He said the BTr’s signal of no more large national borrowings for the rest of 2025, aside from regular auctions, has supported the lower local government securities yield.
The latest auction brings the outstanding volume of the reissued 10-year T-bond to P442.6 billion.
