PHL govt sells seven-yr. T-bonds at 4.936%

Government sold P9 billion worth of seven-year Treasury bonds Tuesday at an average rate of 4.936 percent. The average rate was down by 6.4 basis points from 5.017 percent. Investors were on the prowl for opportunities where they can place their funds, said Finance Undersecretary Gil Beltran, who chaired the auction committee. “The investible funds are there. We have a lot of investible funds," Beltran told reporters after the auction. Total tenders reached P24.040 billion, giving government enough leeway to award the P9-billion debt sale on program. Investors are waiting for new facilities where they can park their money while waiting for the full implementation of government’s public-private partnership (PPP) program, said Beltran. — VS, GMA News