The Bureau of the Treasury’s (BTr) treasury bills auction yesterday ended with mixed results as investors sought higher rates.
The auction was 1.6 times oversubscribed, attracting P24 billion in total tenders.
With its decision, the committee raised P8.6 billion of the P15 billion offering.
Specifically, the BTr decided to fully award bids for the 91-day paper while partially awarding the 182- and 364-day IOUs.
The 91-day security fetched an average rate of 4.464 percent while the 182- and 364-day papers were capped at 4.838 percent and 5.1 percent, respectively.
Had a full award been made for the 182-day IOU, the rate would have been 5.561 percent, while for the 364-day paper, it would have been 5.941 percent.
In the secondary market, the rates for the three-month, six-month and one-year securities are 4.109 percent, 4.64 percent and 5.045 percent, respectively.
With its decision, the BTr awarded P5 billion for the 91-day paper, while it partially awarded P2.2 billion for the 182-day IOUs and P1.4 billion for the one-year treasury bills. – Angela Celis
