The Bureau of the Treasury’s (BTr) treasury bills auction ended with mixed results as investors sought higher rates for the six-month and one-year papers.
The BTr decided to fully award bids for the 91-day paper while partially awarding for the remaining two tenors.
The auction was nearly twice oversubscribed, attracting P29.4 billion in total tenders.
With its decision, the committee raised P10.6 billion of the P15 billion offering.
The 91-day paper fetched an average rate of 4.375 percent, 8.9 basis points lower than the previous 4.464 percent.
Tenders amounted to P17.37 billion, more than thrice oversubscribed, with the BTr awarding P5 billion as programmed.
Meanwhile, the 182- and 364-day securities were capped at 4.921 percent and 5.142 percent, respectively.
Had a full award been made, the rate would have been 5.365 percent for the 182-day IOUs and 5.88 percent for the 364-day paper.
The rates would have been significantly higher than the previous averages of 4.838 percent and 5.1 percent, respectively.
Tenders for the half-year paper amounted to P7.11 billion, with the BTr awarding P3.25 billion versus the P5 billion program.
The BTr partially awarded P2.3 billion for the one-year IOUs, with demand undersubscribed at P4.97 billion. – Angela Celis
