MANILA -- Treasury bills (T-bills) fetched lower yields on Monday's auction, prompting the Bureau of Treasury (BTr) to award the PHP15-billion debt papers in full.
Average rate for the 91-day T-bills settled at 3.300 percent. Tenders reached PHP13.8 billion, which is more than twice oversubscribed than the PHP5-billion value of the T-bills.
Market’s appetite for the 182-day tenor was also strong on Monday’s auction after bids reached PHP13.57 billion, higher than the PHP4 billion offerings for the T-bills. This tenor fetched average yield of 3.700 percent.
Both debt papers were re-issued T-bills, with original issue date of August 30, 2017 for the 91-day tenor and November 29, 2017 for the 182-day tenor.
Meanwhile, the 364-day T-bills fetched a rate of 4.198 percent. This was also oversubscribed with tenders amounting to PHP10.54 billion, higher than the offered amount of PHP6 billion.
The auction committee noted that it decided to award the T-bills in full due to a healthy market appetite. (PNA)
