The Bureau of the Treasury (BTr) fully awarded on Tuesday the 13-year Treasury bond (T-bond) due to decline in rates and strong demand.

The average rate of the debt paper went down to 6.167 percent from 6.197 percent when it was previously auctioned last January.

The BTr said the debt paper’s average rate after the auction was also lower than the prevailing rate of the same tenor in the secondary market.

The decline in the debt paper’s rates is a change from the rise of domestic interest rates given the central bank’s measures to help address the elevated inflation rate in the country.

The BTr offered the debt paper for P25 billion and tenders reached P54 billion.

“With its decision, the committee raised the full program of P25 billion, bringing the total outstanding volume for the series to 188.4 billion,” it added.

CURRENTPH NEWS SERVICE