THE Bureau of the Treasury (BTr) made a full award on the 35-day treasury bills auctioned yesterday amid strong investor demand and as it fetched a low rate.
The auction attracted total tenders of P73.2 billion, nearly five times the offer of P15 billion.
The 35-day securities fetched an average rate of 2.042 percent, 67.2 basis points lower than the previous rate of 2.714 percent.
It is also lower than prevailing rates for comparable government securities, the BTr said.
Bids for the government IOU ranged between 2 and 2.095 percent.
Rosalia de Leon, national treasurer, said the BTr also opted to open the tap facility for the five-week paper.
“Full award at average of 2.042 percent, much lower than previous auction, as April inflation clocked in at 2.2 percent versus March of 2.5 percent, providing more space for BSP (Bangko Sentral ng Pilipinas) to cut policy rates,” de Leon said after the auction through Viber.
“(We) open tap for another P15 billion,” she added.
