THE Bureau of the Treasury (BTr) upsized the amount it awarded for the auctioned treasury bills yesterday amid significant demand for the short-term IOUs.
The auction was almost 2.6 times oversubscribed with total bids reaching P51.7 billion.
This prompted the BTr to double the accepted non-competitive bids for the 91-day securities to P5.2 billion.
With its decision, the BTr raised a total of P22.6 billion compared to the P20 billion initial offer.
The 91-, 182-, and 364-day securities fetched average rates of 5.631 percent 5.862 percent and 5.871 percent, respectively.
In comparison, the Bloomberg Valuation Service reference rates are 5.576 percent for the three-month tenor, 5.821 percent for the six-month tenor and 5.826 percent for the one-year tenor.
The government is eyeing to generate funds amounting to P310 billion in the last quarter of the year, through its regular issuance of treasury bills and treasury bonds. The BTr is looking to raise P220 billion via its treasury bills auction from October to December, and P90 billion by offering treasury bonds.
