The Bureau of the Treasury’s (BTr) treasury bills auction ended with mixed results as rates were capped for the three-month and six-month IOUs.
The BTr decided to fully award bids for the 364-day paper while partially awarding the 91- and 182-day securities.
The 364-day treasury bills fetched an average rate of 6.294 percent.
Meanwhile, the 91- and 182-day securities were capped at 5.598 percent and 5.99 percent, respectively.
Had full awards been made, the rate for the 91-day paper would have been 5.62 percent, while it would have been 6.028 percent for the half-year IOU.
The auction was 2.5 times oversubscribed, with total tenders reaching P38.1 billion.
With its decision, the BTr raised P11.8 billion of the P15 offering.
Broken down, the BTr awarded P3.6 billion for the 91-day IOU and P3.15 billion for the 182-day paper instead of the P5 billion program for each tenor, while P5 billion was awarded as planned for the 364-day treasury bill. – Angela Celis
