Bureau of the Treasury Philippines Cancels T-bonds
The Bureau of the Treasury (BTr) has cancelled its scheduled five-year Treasury bond (T-bond) auction next week on account of the on-going sale of its retail treasury bond (RTB).
“In view of the ongoing 5, 7 and 10-Year Peso Denominated Retail Treasury Bonds public offering and to ensure a smooth and orderly settlement of the said Bond, please be informed that the auction of the 5 Year Treasury Bond scheduled on August 17, 2010 is hereby cancelled,” said lawyer and Deputy Treasurer Gisela Lood in a memorandum to all government securities eligible dealers.
The government is offering RTBs to small investors until Tuesday next week and eyes to issue up to P100 billion during the offer period.
It has about P70 billion maturing RTBs this year and National Treasurer Roberto Tan earlier said they will sell the RTBs just to replenish maturities.
Demand from this debt paper has been high since the price setting auction on Tuesday.
Bids for the total of P25 billion offered last Tuesday of five, seven and 10-year RTBs nearly tripled after it reached P62.957 billion.