THE Bureau of the Treasury (BTr) raised P24 billion from its treasury bills auction yesterday, amid healthy market demand and as rates fell across the board.
The BTr said the auction was more than four times oversubscribed with total bids reaching P94.3 billion, versus the P20 billion offering.
The auction committee opted to double the accepted non-competitive bids for the 364-day securities, thus the BTr raised a total of P24 billion, P4 billion higher than the initial offering.
Rosalia de Leon, national treasurer, told reporters via Viber after the auction yesterday the BTr also opened the tap facility window for the one-year paper for another P10 billion.
“Rates still lower than previous auction and secondary levels. Sentiment supported by ample liquidity and possible BSP (Bangko Sentral ng Pilipinas) action to trim RRR (reserve requirement ratio) again,” de Leon said.
The 91-day IOU fetched a rate of 2.058 percent, 3.2 basis points (bps) lower than the previous average of 2.09 percent.
Tenders amounted to P19.9 billion, nearly four times the P5 billion offering which was fully awarded.
The yield for the 182-day securities is 2.114 percent, 7.9 bps down from the previous 2.193 percent.
Demand reached P20.6 billion, more than four times the P5 billion offering.
Lastly, the 364-day paper posted an average rate of 2.508 percent, 14.5 bps lower than the 2.653 percent recorded for the same tenor in the previous auction.
Tenders were more than five times oversubscribed at P53.88 billion versus the P10 billion offering. Amid the significant demand, the BTr raised the awarded amount to P14 billion.
