The Bureau of the Treasury’s (BTr) treasury bills auction yesterday ended with mixed results 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 1.6 times oversubscribed, attracting P23.3 billion in total tenders.
With its decision, the committee raised P8.6 billion of the P15 billion total offering.
The rates of the 91- and 182-day securities were capped at 5.149 percent and 5.677 percent, respectively, as investors sought higher rates.
Had full awards been made, the rate would have been 5.52 percent for the three-month paper versus the previous average of 4.911 percent, while it would have been 5.828 for the six-month securities in comparison to the 5.556 percent previous yield.
The BTr partially awarded P1.428 billion for the 91-day IOU, with tenders amounting to P6.038 billion versus the P5 billion program.
As for the 182-day treasury bills, the government awarded P2.125 billion, with tenders slightly oversubscribed at P5.635 billion compared to the P5 billion offering.
Meanwhile, the P5 billion program was fully awarded by the BTr for the one-year paper, with tenders more than twice oversubscribed at P11.58 billion.
It fetched a rate of 5.987 percent versus the previous average of 5.864 percent.
