Govt sells P9B worth of 7-year T-bonds

Renewed enthusiasm for government debt papers resulted in the sale of P9 billion worth of seven-year Treasury bonds during Tuesday’s auction. Average rates for the seven-year bonds reached 5.907 percent with total tenders amounting to P31.652 billion. National Treasurer Roberto Tan said that investors now see a clearer direction of the country’s macroeconomic fundamentals which has affected their decision. “The market is now having a view of the future," Tan said after the auction. The auction is part of government’s P117-billion borrowing program for the second quarter of 02011. — BC/ VS, GMA News