Manila, April 15 -- The Bureau of the Treasury (BTr) raised PHP135 billion from the 10-year Treasury bonds (T-bonds) auction on Tuesday amid strong demand from investors.

"The issued FXTNs (Fixed Rate Treasury Notes) maturing in 2035 fetched a coupon rate of 6.375 percent amidst strong demand, with tenders reaching PHP197.3 billion or 6.6 times the initial PHP30 billion offering," the Auction Committee said in a statement.

"This allowed the Committee to upsize the accepted amount for the auction," it added.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said average yield for the T-bonds stood at 6.286 percent, or 0.0147 percentage points higher than the 6.27 percent market benchmark as of April 14.

Ricafort attribute...