did not accept any tenders for the reissued seven-year securities — which have a remaining life of six years and 10 months — it offered on Tuesday even as total bids reached P62.253 billion, higher than the programmed P35 billion.er been fully awarded, the average rate for the bonds on offer would have reached 6.947%, 44.7 basis points higher than the 6.5% coupon and up 51.9 bps from the 6.428% average fetched for the series when it was first offered on May 17.
“The market [was] providing too much buffer with expected aggressive rate hikes to come,” Ms. De Leon said. The BSP last week raised benchmark interest rates by 25 bps for a second straight meeting to cool rising prices and continued to signal gradual normalization, even as it said it is prepared “to take all necessary policy action” to bring inThe central bank raised its average inflation forecast for this year to 5% from 4.6% previously, well above its 2-4% target. For 2023, the BSP now sees inHeadline inflation stood at 5.
Source: News Formal (newsformal.com)
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