BTr raises P28B

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The Bureau of the Treasury (BTr) raised P28 billion from its treasury bills auction yesterday amid healthy market demand and as rates fell across all tenors.

The BTr said in a statement yesterday the auction was almost five times oversubscribed with total bids reaching P96.02 billion, prompting the auction committee to double the accepted non-competitive bids across all tenors.

With its decision, the committee raised a total of P28 billion, exceeding the P20 billion initial offer.

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“Rates still within inflation and bias towards safe haven prevails,” Rosalia de Leon, national treasurer, told reporters through Viber after the auction.

De Leon said the auction committee also opted to open the tap facility window for the one-year paper for another P10 billion.

The 91-day IOU fetched a rate of 2.038 percent, 0.8 basis points (bps) lower than the previous average of 2.046 percent.

Tenders amounted to P21.751 billion, more than four times the P5 billion offering, with P7 billion awarded.

For the 182-day securities, the yield is 2.099 percent, 1.9 bps down from the previous 2.118 percent.

Demand reached P19.375 billion, nearly four times the P5 billion offering. Another P7 billion was awarded under this tenor.

Lastly, the 364-day paper posted an average rate of 2.378 percent, 4.2 bps lower than the 2.42 percent recorded for the same tenor in the previous auction.

Tenders were more than five times oversubscribed at P54.9 billion versus the P10 billion offering. Amid the significant demand, the BTr raised the awarded amount to P14 billion.

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