The Bureau of the Treasury (BTr) made a full award for the 35-day treasury bills auctioned yesterday, as it fetched a record low rate amid healthy market demand.
The auction was more than twice oversubscribed with total bids reaching P31.7 billion.
With its decision, the committee was able to raise the full P15 billion programmed for the auction.
“I would suppose lowest (rate) since (we) have not issued 35-day tenor in recent years. (Investors are) parking liquidity in government securities,” Rosalia de Leon, national treasurer, told reporters in a Viber group yesterday.
The five-week paper fetched an average rate of 1.157 percent.
The rate is 52.7 basis points lower than the previous yield of 1.684 percent.
Last Monday the BTr also made a full award on the 91-day, 182-day and 364-day treasury bills as rates fell and amid healthy market demand.
The total bids for all tenors reached P76.4 billion, nearly four times the P20 billion offering.