Philippines raises $300 mln from T-bond auction; yield up

MANILA, March 22 (Reuters) – Following are the results of the Philippine Bureau of the Treasury’s (BTr) auction of re-issued 2028 T-bonds on Tuesday:

* BTr awards 15.699 billion pesos ($299.48 million) worth of T-bonds, less than half its offer of 35 billion pesos and compared with total tenders of 40.599 billion pesos

* Average yield at 5.601%, up from previous average rate of 4.689%

* First issued in August 2021, the bonds have a remaining life of six years and four months

* Details on the BTr’s website www.treasury.gov.ph

($1 = 52.42 Philippine pesos)

(Reporting by Enrico Dela Cruz; Editing by Kanupriya Kapoor)

((enrico.delacruz@tr.com))