MANILA — The Bureau of the Treasury raised P235 billion from the sale of new 10-year fixed-rate treasury notes, with demand from local institutional investors far exceeding initial expectations.

The three-day offer, scheduled from February 18 to 20, was cut short after the target amount was reached on the first day, the BTr said in a statement on Thursday. Total tenders for the February 18 rate-setting auction amounted to P328.5 billion—11 times the initial P10-billion offer.

The Treasury added that the opening of its tap facility the following day drew P135.8 billion in additional bids.

Of the P235 billion raised, P107.07 billion came from the rate-setting auction, while P127.93 billion were accepted through the tap facility, the BTr said. The notes carry a coupon rate of 5.925% and will mature in 2026.

National Treasurer Sharon Almanza said the strong demand reflected investor interest ahead of the anticipated policy rate cut by the Bangko Sentral ng Pilipinas and underscored the government’s commitment to developing liquid benchmark securities and supporting secondary market activity.

“Apart from supporting the national government’s financing requirements, this 10-year fixed-rate treasury notes issuance underscores our commitment to establishing liquid benchmark securities that strengthen secondary market activity,” Almanza said.