• The Philippine Bureau of the Treasury in Manila said the average yield on its 10-year bond at auction was 6.378% with a coupon of 6.750%.
• The average yield was slightly lower than the 6.463% 10-year benchmark rate in the secondary market, based on BVAL reference rate Tuesday
• Total sold 25b pesos ($453.9m); total bids 71.16b pesos
  ** Accepted competitive tenders 18.52b pesos ($336.2m)
  ** Accepted non-competitive tenders 6.48b pesos ($117.7m)
• Reopening, originally issued March 9, 2023, maturing Sept. 15, 2032; PIBD1032I695
• Bid/cover ratio at 2.846, higher than 2.636 previously
  ** Auction was oversubscribed; 71.2b pesos bids vs 25b offered