The Bureau of the Treasury (BTr) has upsized the amount it awarded for the auctioned treasury bills yesterday amid significant demand for the short-term IOUs.
The auction was nearly four times oversubscribed, attracting P59.8 billion in total tenders.
This prompted the BTr to double the accepted volume of non-competitive bids for the 364-day securities.
With its decision, the BTr raised P17 billion compared to the P15 billion initial program.
The 91-, 182- and 364-day treasury bills fetched average rates of 5.727 percent, 5.893 percent and 6.037 percent, respectively.
These are all lower than previous auction and secondary market benchmark rates.
The BTr is set to auction off 20-year treasury bonds for today’s auction. It has a programmed volume of P30 billion.
