The Bureau of Treasury auction committee has partially awarded the new seven-year Treasury Bonds on Tuesday auction wherein the coupon rate for the T-bonds was set at 7.000 percent.

In a statement, the BTr said the auction was oversubscribed with total tenders reaching P54.1 billion. With its decision, the Committee raised P24.1 billion out of the P35.0 billion program.

Michael Enriquez, president and chief investment officer of Sun Life Investment Management and Trust Corp. told Daily Tribune that "the BTr has finally accepted higher offers from banks, but they still controlled the rates from future moving higher by rejecting some of the higher offers."

"We should expect mid to longer term yields to adjust higher in line with this auction results," he added.