BTr raises P22B at auction

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    The Bureau of the Treasury (BTr) has raised P22 billion from its auction of treasury bills yesterday on strong demand for the short-term government-issued securities.

    The auction was more than four times oversubscribed with total bids reaching P80.4 billion, prompting the committee to double the accepted non-competitive bids for the 91-day securities.

    With its decision, the BTr raised a total of P22 billion, exceeding

    The P20 billion initial offer.

    “Hefty liquidity prevails with magnetic appeal of short tenors,” Rosalia de Leon, national treasurer, told reporters via Viber after the auction.

    The 91-day paper fetched a rate of 1.019 percent, 0.5 basis points (bps) down from the previous average of 1.024 percent.

    Tenders totaled to P24.631 billion, nearly fives times the P5 billion program, thus the committee opted to raise the awarded amount to P7 billion.

    For the 182-day securities, the rate is 1.443 percent, one bps lower than the previously recorded yield of 1.453 percent.

    Demand reached P22.246 billion, more than four times oversubscribed versus the P5 billion offering, which was fully awarded by the government.

    Lastly, the yield of the 364-day IOU is 1.745 percent, same as the previous average for the same tenor.

    Tenders amounted to P33.53 billion, with the government awarding P10 billion as programmed. – A. Celis