The Bureau of the Treasury (BTr) has made a full award on the local treasury bills auctioned yesterday amid healthy demand for the short-term government IOUs.
The auction was oversubscribed with tenders of P71.6 billion, almost three times the total program.
The government awarded P25 billion as planned.
“(There is) robust liquidity with P70 billion in maturities this week to be recycled with preference for safe assets,” Rosalia de Leon, national treasurer, told reporters via Viber yesterday.
“Rates tracking US Treasury which have been creeping down,” she added.
The 91-day paper fetched a rate of 1.369 percent, two basis points (bps) up from the previous average of 1.349 percent.
Tenders totaled to P15.375 billion, with the auction committee awarding P5 billion as programmed.
For the 182-day securities, the rate is 1.714 percent, 0.1 bps higher than the previously recorded yield of 1.713 percent.
Demand reached P26.245 billion versus the P8 billion offering, which was fully awarded by the government.
Lastly, the yield of the 364-day IOU is 1.88 percent, 0.4 bps down from the previous average of 1.884 percent.
Tenders amounted to P29.976 billion, with the government awarding P12 billion as programmed.
The BTr also opened the tap facility window for the one-year paper for another P5 billion. – Angela Celis
