The auction of the Bureau of the Treasury (BTr) for its  reissued seven-year Treasury bonds (T-bonds) attracted P50.1 billion in total tenders, higher than the P30-billion offer.

With a remaining term of six years and 10 months, the reissued bond fetched an average rate of 6.27 percent.

"The seven-year Treasury bond average auction yield at 6.27 percent is higher vs. the comparable 7-year PHP BVAL (Bloomberg Valuation Service) yield at 7.24 percent as of March 4, 2024, after the slight pickup in the headline inflation data," Rizal Commercial Banking Corporation chief economist Michael Ricafort said.

Headline inflation went up to 3.4 percent in February from 2.8 percent in January.

Ricafort said the average auction yield was also higher than the 6.094 percent in the previous seven-year T-bond auction on Jan. 16, 2024.

With its decision, the BTr raised the full program of P30 billion, bringing the total outstanding volume for the series to P65 billion