The Bureau of the Treasury (BTr) has fully awarded bids for the treasury bills auctioned yesterday amid strong demand and as rates fell across all tenors.
The treasury bills sale was more than five times oversubscribed, with total tenders amounting to P77.7 billion.
With its decision, the BTr raised the full program of P15 billion.
The rates for the 91-day, 182-day and 364-day IOUs were all lower than previous auction results and secondary market benchmark rates.
“Rates declined with inflation slowing and heavy bias on short tenors as Fed ready to start rate liftoff,” Rosalia de Leon, national treasurer, said after the auction.
“Unwind of easy monetary policies has been anticipated more so now in US with high inflation. Again, Gov (Bangko Sentral ng Pilipinas Governor Benjamin Diokno) has reassured that economic recovery will be supported,” she added.
The 91-day paper fetched a rate of 0.875 percent, 9.4 basis points (bps) lower than the previous average of 0.969 percent.
Tenders amounted to P27.499 billion, more than five times oversubscribed with the BTr granting a full award of P5 billion.
As for the 182-day IOUs, the recorded rate is at 1.097 percent, 2.4 bps down versus previous average of 1.121 percent.
Demand reached P26.376 billion, also more than five times the P5 billion programmed which was fully awarded by the BTr.
Lastly, the rate for the one-year securities is 1.415 percent, 5.3 bps down from the previous average of 1.468 percent.
The tendered amount reached P23.8 billion, with the government awarding P5 billion as programmed. – Angela Celis
