The Bureau of the Treasury (BTr) has fully awarded bids for the treasury bills auctioned yesterday even as rates rose across all tenors.
The auction was 2.7 times oversubscribed with total tenders reaching P40.5 billion.
With its decision, the BTr raised the full program of P15 billion for the auction.
“Rates climbed on all tenors with markets expecting Monetary Board to raise rates this Thursday,” Rosalia de Leon, national treasurer, said after the auction.
“Similarly, US Federal Reserve seems unswayed with softer July CPI (consumer price index) and (Federal Reserve Chairman Jerome) Powell remains focused on ‘vanquishing the foe’,” she added.
The 91-day paper fetched a rate of 1.874 percent, 2.4 basis points (bps) higher than the previous average of 1.85 percent.
Tenders amounted to P14.61 billion, nearly three times oversubscribed with the BTr granting the P5 billion program.
As for the 182-day IOUs, the recorded rate is at 3.226 percent, 1.5 bps up versus previous average of 3.211 percent.
Demand reached P18.006 billion, more than thrice the P5 billion program which the BTr awarded as planned.
Lastly, the rate for the one-year securities is 3.712 percent, 7.7 bps higher than the previous rate of 3.635 percent.
The tendered amount reached P7.916 billion, with the government awarding P5 billion as programmed
