The cost of long-term borrowing for the government is also rising as the average rate on 10-year Treasury bonds jumped by 31.9 basis points to 6.562 percent even as the auction committee opted for a partial award. | RonWDomingoINQ /PDI
Had there been a full award, the average would have surged by 33.1 bps to 6.574 percent.Still, the committee noted that the resulting average rate was lower than the coupon rate of 6.75 percent set on its original issuance.
Further, the new average was higher than prevailing rates for corresponding deals at the secondary market, where the Bloomberg Valuation Service pegged the rate on corresponding corporate bonds at 6.329 percent or 23.3 bps lower.
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