THE GOVERNMENT partially awarded the fresh Treasury bonds (T-bonds) it offered on Tuesday as players continued to ask for higher returns on expectations of more rate hikes from the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve.
ly awarded the fresh TreasuryTuesday as players continued to ask for higher returns on expectations of more rate hikes from the Bangko Sentral ng Pilipinas and the US Federal Reserve.on Tuesday, just below the programmed P35 billion, even as the oThe debt papers were awarded at a coupon rate of 7.25%, 30.59 basis points higher than the 6.
“Bids submitted by the market were very much in line with expectations… It offers a relatively attractive yield compared to other bonds in the local GS curve. We haven’t seen these levels for quite a while now so there may be some form of value investing already,” the first trader said. Mr. Medalla said the BSP could raise rates again in its Aug. 18 meeting and several more times this year, but tightening will be gradual as he ruled out hikes bigger than 25 bps. He said in a roundtable discussion withOn Monday, Mr. Diokno and Mr. Medalla armed their intent to raise rates gradually, both signaling a 25-bp hike this week despite market expectations of a 50-bp increase.
Increases worth 25 bps at the Monetary Board’s June and August meetings would bring the benchmark rate to 2.75% from the current 2.25%.
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