The Bureau of the Treasury (BTr) has rejected bids for the 182-day and 364-day treasury bills as investors sought higher rates for the short-term IOUs.
The total tenders for all tenors amounted to P20 billion, relative to the P15 billion offering.
The BTr only made a full award for the 91-day IOU, amounting to P5 billion.
“Surge in April inflation continues to dampen market sentiment as analysts see inflation as big headache for next administration,” Rosalia de Leon, national treasurer, told reporters yesterday.
The 91-day securities fetched a rate of 1.531 percent, 25.9 basis points (bps) higher than the previous average of 1.272 percent.
The 182-day paper would have rose by 53 bps to 2.165 percent, and an increase of 39.6 bps to 2.329 percent for the one-year bills would have been recorded had these tenors been fully awarded.
De Leon was also asked about the impact of investors’ sentiment on the incoming administration, to which she said that so far, she is not seeing significant movements in the secondaries.
Meanwhile, Carlos Dominguez, Department of Finance secretary, told reporters in a Viber message the agency’s briefing for the next administration, as part of the transition process, has already started.
“The briefing has begun. So far so good,” Dominguez said.
