MANILA – The rate of Treasury bills (T-bills) rose on Monday but the auction committee partially awarded the debt papers across-the-board.
The average rate of the 91-day securities rose to 4.350 percent, the 182-day’s to 4.800 percent, and the 364-day’s to 5.000 percent.
These were at 4.220 percent for the three-month paper, 4.650 percent for the six-month paper, and 4.875 percent for the one-year paper when these were last awarded on Oct. 24, 2022.
The Bureau of the Treasury (BTr) offered all tenors for the PHP5 billion each but the one-year securities attracted bids that were lower than the volume offering.
Total tenders reached PHP9.35 billion for the 91-day T-bill while it amounted to PHP7.457 billion for the 182-day and PHP4.7 billion for the 364-day.
The auction committee awarded PHP2.1 billion worth of three-month paper, PHP2.5 billion for the six months, and PHP2.1 billion worth of one-year securities.
The BTr has been either partially awarding or fully rejecting bids for government securities for several weeks already given investors’ high demand for yields.
National Treasurer Rosalia de Leon earlier said they have the leeway to do this given the successes in the issuance of retail treasury bond (RTBs) and the US dollar-denominated bonds.
“Hopefully, (we) will be able to make full award in succeeding bills auctions,” she told journalists on Monday.
She traced her optimism to “more and clearer information (that) will better guide market in submissions of bids.” (PNA)