The Bureau of Treasury’s (BTr) treasury bills auction ended with mixed results yesterday as rates were capped for the three-month and six-month securities.
The BTr decided to fully award bids for the 364-day paper while partially awarding the 91- and 182-day IOUs.
The auction was 1.3 times oversubscribed, attracting P20.1 billion in total tenders.
With its decision, the committee raised P9.7 billion of the P15 billion offering.
The 364-day IOU fetched an average of 5.707 percent, while the 91- and 182-day T-bill rates were capped at 4.586 percent and 5.378 percent, respectively.
Meanwhile, the comparable Bloomberg Valuation Service rates are 4.617 percent for the three-month IOU, 5.176 percent for the six-month paper and 5.609 percent for the one-year securities.
Demand for the 91-day paper was P5.172 billion, only slightly above the P5 billion program, with P2.455 billion awarded, while tenders for the 182-day IOU was recorded at P6.8 billion versus the P5 billion offering, with the BTr opting to award P2.25 billion.
As for the one-year instrument, tenders reached P8.157 billion with the government awarding P5 billion as planned. – Angela Celis
