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5-year bond rises sharply to 12.45%.
(From Philippine Daily Inquirer)
Byline: Michelle V. Remo
BANKS, wanting to manage their liquidity, showed strong appetite for the government's five-year Treasury bond, which yesterday fetched a rate of 12.45 percent.
The new interest rate for the five-year T-bond was 7.5 basis points higher than the 12.375-percent coupon rate recorded in October.
Despite, the increase in the cost of the government's five-year borrowing, Deputy Treasurer Eduardo Mendiola said the new rate was reasonable because it was comparable with the prevailing rates in the secondary market. He said the new five-year T-bond rate of 12.45 percent was also the best bid in the secondary market.
Bids for the five-year debt paper reached P5.713 billion, much higher than the government's scheduled borrowing of only P4 billion.
Mendiola said the appetite for the five-year government security was due to the high liquidity of the domestic capital market and the fact that the Treasury will only be having two auctions before the Christmas break. Next week, the Treasury will be holding the last auctions for Treasury bills and T-bonds.
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