MANILA, March 26 -- The Bureau of the Treasury (BTr) fully awarded the re-issued seven-year Treasury bonds (T-bonds) during Tuesday's auction.

With a remaining term of six years and four months, the re-issued bond fetched an average rate of 6.237 percent, lower than the 6.375 percent coupon set upon original issuance.

In a Viber message, Rizal Commercial Banking Corporation chief economist Michael Ricafort said the average rate was higher compared to the six-year PHP Bloomberg Valuation Service yield at 6.2 percent as of March 25.

Ricafort said this was "partly due to higher U.S. treasury yields."

"Most of the longer T-bond yields are still among 5-year highs that are still attractive for some investors amid possible Fed rate cuts tha...