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  V. Eligible Issues
  1. On-the-Runs (current issues)
    1. Treasury Bills (days remaining) - * Benchmarks

      Monday
      1 month 30 37* 44
      3 months 86 93* 100
      6 months 177 184* 191
      1 year 345 352 359*
      Tuesday
      1 month 29 36* 43
      3 months 85 92 99 value Wed 91*
      6 months 176 183 190 value Wed 182*
      1 year 344 351 358 value Wed 364*
      Wednesday
      1 month 28 35* 42
      3 months 84 91* 98
      6 months 175 182* 189
      1 year 350 357 364*
      Thursday
      1 month 27 34* 41
      3 months 83 90* 97
      6 months 174 181* 188
      1 year 349 356 363*
      Friday
      1 month 26 34* 40
      3 months 82 89* 96
      6 months 173 180* 187
      1 year 348 355 362*

      • As a general rule, the benchmark for T-bills should be the 35-, 91-, and 182-day tenors, which are subject to the +7/-7 day count for expansion of the On-the-Runs. In the absence of a clear benchmark, the +14/-14 day count will be used for assigning the 91- and 182-day tenors, with priority on the longer tenor. In this case, the +14/-14 day count will not be used for expansion. Moreover, in cases wherein the +14/-14 rule will not apply, the security that has the nearest-longer tenor will be assigned as the benchmark.
      • The one-year benchmark is the 364-day Treasury bill, subject to the -14 day count for expansion of the On-the-Runs. In the absence of a clear benchmark, the latest issued one year Treasury bill would be assigned.
      • FXTNs are acceptable securities for the 3- and 6-month benchmarks (following the +7/-7 day count for expansion), as well as the 1-year benchmark (following the -14 day count for expansion). Minimum trading lot is Php 50 Mio.
      • Expanded On-the-Run FXTNs for 3-, 6-, and 12-months will not be assigned as benchmarks.
    2. FXTNs

      2 years 1 year and 6 months up to 2 years
      3 years 2 years and 6 months up to 3 years
      4 years 3 years and 6 months up to 4 years
      5 years 4 years and 6 months up to 5 years
      7 years 6 years and 6 months up to 7 years
      10 years 9 years and 6 months up to 10 years
      20 years 17 years up to 20 years and/or the latest issued 20-year bond
      25 years 20 years and 1 day up to 25 years and/or the latest 25-yr bond

  2. Off-the-Runs Unless otherwise revised or amended, any issue with maturities falling outside the coverage of the above On-the-Run definitions shall be deemed Off-the-Run issues. Fixing Banks may opt to quote two-way or one-way for Off-the-Run issues at its sole option. However, it is understood that if a Fixing Bank gives a quote, it is ready to deal at that price.
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