The Bureau of the Treasury’s (BTr) treasury bills auction yesterday ended with mixed results as rates were capped for the 182-day and 364-day securities.
The auction for the short-term IOUs was 2.4 times oversubscribed with total tenders reaching P36.7 billion.
The 91-day paper was fully awarded while a partial award was made for the two remaining tenors.
With its decision, the BTr was able to raise P13.2 billion of the P15 billion offering.
“Award is based on BTr reasonableness test including guidance from BSP (Bangko Sentral ng Pilipinas) on path of rate hike,” Rosalia de Leon, national treasurer, said.
The 91-day security fetched an average rate of 1.876 percent, 3.2 basis points (bps) lower than the previous average of 1.908 percent.
Tenders reached P24.563 billion, nearly five times oversubscribed.
The amount of P5 billion was fully awarded.
Meanwhile, the 182-day paper was capped at 2.907 percent, 29.9 bps up from the previous rate of 2.608 percent.
The BTr opted for a partial award of P4.1 billion versus the P5 billion program.
Lastly, the rate of the 364-day IOUs was also capped at 2.981 percent, 17 bps higher than the previous average of 2.811 percent.
The government awarded P4.06 billion versus the P5 billion program.
