The Bureau of the Treasury (BTr) rejected all bids for the 91-day and one-year treasury bills Monday, citing the need for more clarity on the US inflation environment.
The BTr, however, accepted the bids for the 182-day treasury bill.
The agency auctioned a total of P15 billion Monday, with each tenor having a total amount of P5 billion.
The 182-day tenor attracted P9.975 billion in bids with coupon rate bid ranging between 3.498 and 3.8 percent.
The 91-day tenor attracted tenders of P4.65 billion with coupon rate offers ranging from 2.445 percent to 4.375 percent.
The 364-day tenor, meanwhile, attracted tenders worth P4.856 billion with coupon rate offers ranging from 5.175 to 3.8 percent.
The BTr in a statement said the 182-day security fetched an average rate of 3.634 percent, while the 91- and 364-day T-bills reached averages of 3.349 percent and 4.392 percent, respectively, had they been awarded.
“The auction was 1.3 times oversubscribed, attracting P19.5 billion in total tenders although both the 91- and 364-day securities were undersubscribed,” it said.
“With its decision, the committee raised P5.0 billion of the P15.0 billion programmed offering,” the BTr added.
National Treasurer Rosalia de Leon said investors are on a wait and see mode on US inflation for August but remain cautious with the continuing Fed statements on the need to be restrictive “to finish job and conquer inflation.
