BTr raises P15B from Treasury bills auction

By Anna Leah Gonzales

June 3, 2024, 4:00 pm

MANILA – The government raised PHP15 billion from the Treasury bills (T-bills) auction on Monday, the Bureau of the Treasury (BTr) said.

The BTr said the 91-, 182-, and 364-day T-bills fetched average rates of 5.698 percent, 5.904 percent and 6.046 percent, respectively, lower than the prevailing secondary market rates.

In comparison, the Bloomberg Valuation Service average rates were at 5.736 percent for the three-month tenor, 5.960 percent for the six-month tenor, and 6.065 percent for the one-year tenor.

Compared to last week's rates, however, the 182-day and 364-day T-bills' average rates went up from 5.886 percent and 6.043 percent, while the 91-day average rate slightly declined from 5.719 percent.

"Treasury bill average auction yields again corrected slightly higher for the 2nd straight week ahead of the latest local inflation data for the month of May 2024 that is expected to be slightly faster versus [the] 3.8% year-on-year in April 2024," Rizal Commercial Banking Corporation chief economist Michael Ricafort said.

The auction was nearly 3.0 times oversubscribed as total tenders amounted to PHP44 billion.

With the full award, the BTr raised the full program of PHP15 billion for the auction. (PNA)