By Susanna Moon
Chicago, April 18 – The Philippines Bureau of the Treasury auctioned PHP 6.07 billion of 4½% bonds due 2024 on Tuesday.
The notes priced at an average price of about par for an annual rate of 4.484%, according to a notice.
The government was offering to sell PHP 15 billion of the bonds, and total tenders reached PHP 22.6 billion, 1.5 times the amount on offer, with bids ranging from 4.375% to 4.624%, according to a separate notice.
“The marked increase in rates prompted the committee to award only [PHP 6 billion] of the total with a coupon of 4½% to align with established benchmarks,” the release noted.
Competitive bids were tendered for PHP 22.6 billion and accepted for PHP 6.07 billion.
There were no non-competitive bids.
| Issuer: | Philippines Bureau of the Treasury
|
| Issue: | Treasury bonds
|
| Amount: | PHP 6.07 billion
|
| Maturity: | April 20, 2024
|
| Coupon: | 4½%
|
| Price (average): | About par
|
| Annual rate: | 4.484%
|
| Auction date: | April 18
|
| Settlement date: | April 20
|
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