Philippines raises $339mn from T-bond offer

Business Recorder reported that the Philippine Bureau of the Treasury raised 21.38 billion pesos, or $339.33 million, at a Tuesday auction of reissued 2031 T-bonds. The amount came in below the 30 billion pesos the Treasury had put up for sale. The average rate on the accepted bids stood at 7.830 per cent.

Total bids reached 27.58 billion pesos, which exceeded the amount finally awarded. Even with that level of demand, the Treasury accepted less than its 30 billion peso target. The gap between bids and awards means the Treasury did not accept every tender it received. The figures come from the official auction results released by the Bureau.

The auction involves Philippine sovereign debt and has no direct link to companies listed on the Pakistan Stock Exchange.