MANILA – The Bureau of the Treasury (BTr) fully awarded bills for Treasury bills (T-bills) during Monday's auction.
The 91-, 182-, and 364-day T-bills fetched average rates of 5.840 percent, 5.980 percent, and 6.029 percent, respectively –all lower than the previous auction and prevailing secondary market rates.
Last week, the average rates of the 91-, 182-, and 364-day T-bills settled at 5.947 percent, 6.002 percent, and 6.040 percent, respectively.
The comparative PHP Bloomberg Valuation Service yield, meanwhile, was at 5.915 percent for the three-month tenor, 5.988 percent for the six-month tenor, and 6.073 percent for the one-year tenor.
"All Treasuries bill average auction yields are now slightly lower versus the comparable short-term PHP BVAL yields after the local headline inflation eased to 3.3% in August 2024, the slowest in 7 months and lower versus market estimates largely due to lower tariffs on imported rice and lower world rice prices," Rizal Commercial Banking Corporation chief economist Michael Ricafort said.
The auction was 3.2 times oversubscribed, with total bids reaching PHP64.5 billion, prompting the BTr to double the accepted non-competitive bids for the 182-day securities.
With its decision, the BTr raised a total of PHP22.6 billion compared to the PHP20 billion initial offer. (PNA)
