The Bureau of the Treasury (BTr) has fully awarded bids for the treasury bills auctioned yesterday after weeks of rejections and mixed results.
The auction was more than 3.6 times oversubscribed with tenders reaching P54.6 billion.
With its decision, the BTr raised the full program of P15 billion.
“Finally full award. Saw rates decline in the 91-day with oversubscription as market take position in the front end with faster inflation, expected surge on Fed rate and possible rate action from BSP (Bangko Sentral ng Pilipinas) in the second half,” Rosalia de Leon, national treasurer, told reporters yesterday.
“Continued rate upward movements in the 182- and 364-day given higher inflation forecast this year and as BSP start hiking policy rates,” she added.
The 91-day paper fetched a rate of 1.38 percent, 20.7 basis points (bps) lower than the previous average of 1.587 percent.
Tenders amounted to P29.35 billion, nearly six times oversubscribed with the BTr granting a full award of P5 billion.
As for the 182-day IOUs, the recorded rate is at 1.781 percent, 17.4 bps up versus previous average of 1.607 percent.
Demand reached P14.17 billion, almost thrice the P5 billion programmed which was fully awarded by the BTr.
Lastly, the rate for the one-year securities is 1.883 percent, 9.1 bps up from the previous rate of 1.792 percent.
The tendered amount reached P11.072 billion, with the government awarding P5 billion as programmed.
