Govt fully awards 35-day Tbill

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The Bureau of the Treasury (BTr) fully awarded bids for the 35-day treasury bills yesterday amid healthy market demand for the government-issued securities.

The BTr said in a statement the auction for the five-week paper was more than 1.5 times oversubscribed with total bids reaching P22.8 billion.

With its decision, the committee was able to raise the full P15 billion programmed for the auction.

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“Notice, average is 2.1 percent. Banks want to be within inflation,” Rosalia de Leon, national treasurer, told reporters via Viber after the auction.

The government IOU fetched an average rate of 2.101 percent, 3.6 basis points higher versus the previous yield of 2.065 percent.

Meanwhile, in a virtual briefing yesterday, Carlos Dominguez, Department of Finance secretary, was asked if the Philippines will have a Samurai bond issuance soon, after the Japan Credit Rating Agency upgraded the country’s credit rating by a notch from BBB+ to A-.

“The Philippines always considers issuing Samurai bonds in the second half of the year.

That is our normal schedule,” Dominguez said.

“We’re very pleased that the Japan credit has upgraded to A- status, which will definitely help in the terms and the cost of financing in the Samurai bonds. I don’t have the details at the moment but as I said, it usually happens in the second half of the year,” he added.

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