BTr raises P15B via Tbills

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The Bureau of the Treasury (BTr) has fully awarded bids for the treasury bills auctioned yesterday amid healthy demand for the short-term IOUs.

The auction was more than 3.6 times oversubscribed with total tenders reaching P54 billion.

With its decision, the auction committee raised the full program of P15 billion.

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“Good demand for bills offering with P27 billion redemption adding liquidity,” Rosalia de Leon, national treasurer, told reporters after the auction yesterday.

“Market biased on the short end with anticipated aggressive Fed actions with combined policy rate hikes and balance sheet runoff as reflected in Fed minutes,” she added.

The 91-day paper fetched a rate of 1.223 percent, 2.7 basis points (bps) lower than the previous average of 1.25 percent.

Tenders amounted to P26.23 billion, more than five times oversubscribed with the BTr granting the P5 billion program.

As for the 182-day IOUs, the recorded rate is at 1.568 percent, 1.3 bps up versus previous average of 1.555 percent.

Demand reached P15.85 billion, over three times the P5 billion program which the BTr awarded as planned.

Lastly, the rate for the one-year securities is 1.877 percent, 2 bps higher than the previous rate of 1.857 percent.

The tendered amount reached P11.954 billion, with the government awarding P5 billion as programmed.

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