PHL sells P9B worth of 10-yr. T-bonds at 5.42%

The Philippines on Tuesday sold P9 billion worth of 10-year Treasury bonds at an average yield of 5.42 percent.  Chaired by Finance Undersecretary Gil Beltran the government auction committee cross-checked the bids with secondary market rates before deciding to award the P9 billion worth of bonds on auction. Total tenders reached P14.710 billion.   “We were split between a full award and a partial award,” Beltran said. “We didn’t want to unnecessarily move the rates. We just want to read what’s in the market,” Beltran said.   However, Beltran said that in the end, the auction committee decided to go for the full award of P9 billion.   The committee, with the Bangko Sentral ng Pilipinas and the Securities and Exchange Commission as members, found the 5.42-percent average rate acceptable, Beltran said. —VS, GMA News