The Bureau of the Treasury’s (BTr) treasury bills auction ended with mixed results as the government rejected bids for the 364-day paper.
Meanwhile, the BTr decided to partially award bids for the 91- and 182-day IOUs.
“Rates way above current levels,” Rosalia de Leon, national treasurer, told reporters via Viber after the auction yesterday.
The auction was 1.8 times oversubscribed, attracting P26.7 billion in total tenders.
With its decision, the BTr raised P7.1 billion of the P15 billion offering.
The 91-day and 182- day securities were capped at 2.318 percent and 3.485 percent, respectively.
Tenders for the three-month IOU totaled to P10.92 billion, more than twice the P5 billion program, with the government raising P4.54 billion under a partial award.
Demand for the 182-day paper was likewise more than twice the offering at P10.63 billion.
The BTr partially awarded P2.53 billion versus the P5 billion program.
The 364-day treasury bill rate would have reached an average of 4.356 percent, had it been awarded. – Angela Celis
