The Bureau of the Treasury (BTr) said it has raised P21 billion in its latest treasury bill (T-bill) auction, up from the initial plan of P15 billion.
The Treasury said it fully awarded the 91-, 182- and 364-day T-bills, which fetched average rates of 1.118 percent, 1.372 percent and 1.577 percent, respectively — all lower than previous auction and secondary market trading levels.
“The auction was nearly 7 times oversubscribed as total submitted bids reached P100.3 billion, prompting the Committee to double the accepted non-competitive bids across all tenors,” the agency added.
The 91-day T-bills received bids worth P28.23 billion while the 182-day received bids worth P34.04 billion. The 364-day government IOU received bids of P38.03 billion.
According to National Treasurer Rosalia de Leon, the decline in T-bill coupon rates can be attributed to “liquidity looking for outlets as RTB maturity further bolstered ample funds onshore that are searching for yield.” – Ruelle Castro