The Bureau of the Treasury (BTr) upsized the volume of awarded treasury bills on the first auction for the year amid significant demand for the short term-IOUs.
The BTr raised P17 billion from the treasury bills auction, P2 billion higher than the P15 billion program.
The auction was 2.7 times oversubscribed, attracting P39.9 billion in total tenders.
This prompted the BTr to double the accepted volume of non-competitive bids for the six-month securities.
The 91-, 182- and 365-day IOUs fetched average rates of 5.140 percent, 5.578 percent and 5.829 percent, respectively.
These are all higher than previous average rates.
In the secondary market, the comparable rates are 5.244 percent for the three-month tenor, and 5.518 percent and 5.867 percent for the six-month and one-year tenors, respectively.
