Philippines Raises P30 Billion from Reissued Treasury Bonds Amid Easing Tensions
The Philippine government successfully awarded its reissued Treasury bonds (T-bonds) after strong demand in the market, despite concerns over Middle East tensions.
The Bureau of the Treasury (BTr) raised P30 billion as planned from the 20-year bonds, with tenders reaching a total of P93.799 billion, more than three times the amount on offer.
The average yield fetched by the notes was lower than comparable secondary market levels, at 7.139%, up by 27 basis points from the last award but still below the 8% coupon rate for the issue.
Renewed hostilities between the US and Iran had driven global oil prices up in July, threatening the country's inflation outlook, but easing tensions saw crude oil prices drop on Monday, supporting demand for the bonds.