This is likewise 24.3 basis points down from the secondary market rate (Bloomberg valuation rate) for the same securities, which stood at 5.413 percent as of 12:10 p.m. yesterday. According to the BTr, this is the lowest average yield recorded for 20-year debt notes since June 2017, when the rate reached 5.035 percent. The huge decline in rates prompted the auction committee of the BTr to fully award the 20-year T-bonds amounting to P20 billion. She said the first tranche of RRR cut last May 31 also contributed to demand. De Leon said there are also expectations of interest rate cuts from the Bangko Sentral ng Pilipinas (BSP) and the US Federal Reserve.

Source: Philippine Star June 11, 2019 16:00 UTC