The Bureau of the Treasury’s (BTr) treasury bills auction ended with mixed results yesterday as investors sought significantly higher rates.
The BTr decided to partially award bids for the 91-day and 182-day securities while rejecting bids for the 364-day paper.
The auction was just slightly oversubscribed, attracting P16.3 billion in total tenders versus the P15 billion program.
“Given good revenue performance, have latitude to reject should we find rates not reasonable,” Rosalia de Leon, national treasurer, told reporters yesterday.
The 91-day and 182-day securities were capped at 3.819 percent and 4.415 percent, respectively.
In comparison, the previous rate for the 91-day IOUs was 2.318 percent, while for the 182-day paper, 3.958 percent.
A partial award was made for the 91-day and 182-day treasury bills with P1.27 billion and P2.695 billion, respectively.
Meanwhile, the 364-day securities’ rate reached 5.401 percent, 161.9 basis points higher than previous average of 3.782 percent, had it been awarded.
