BTr partially awards T-bills

By Anna Leah Gonzales

August 14, 2023, 4:58 pm

<p><em>PNA file photo</em></p>

PNA file photo

MANILA – The Bureau of the Treasury (BTr) on Monday partially awarded bids for the 91-day Treasury bills (T-bills) while partially awarding the 182- and 364-day securities.

The 91-day T-bills fetched an average rate of 5.704 percent.

The 182- and 364-day securities were capped at 5.945 percent and 6.325 percent, respectively.

The auction was 2.7 times oversubscribed, with total tenders reaching PHP40.4 billion.

The BTr raised PHP12.2 billion of the PHP15 billion offering.

In a comment, Rizal Commercial Banking Corporation chief economist Michael Ricafort said Treasury auction yields mostly increased week-on-week, mirroring the rise in the comparable short-term PHP Bloomberg Valuation (BVAL) yield.

He added this is ahead of the local policy rate-setting meeting on Thursday “when there is the possibility of a 0.25 local policy rate hike in able to match the latest Fed (Federal Reserve) rate hike on July 27, 2023 amid the recent volatility in the peso exchange rate in order to help stabilize the peso, import prices, and overall inflation." (PNA)