The Bureau of the Treasury (BTr) raised P22 billion from its treasury bills auctioned yesterday after it fully awarded all tenors, with significant demand seen in the 91-day paper.
The BTr said in a statement the auction was more than 3.6 times oversubscribed with total bids reaching P71.9 billion, prompting the committee to double the accepted non-competitive bids for the 91-day securities to P4 billion.
With its decision, the BTr raised a total of P22 billion, exceeding the P20 billion initial offer.
“There is still good liquidity as shown by high bid to cover,” Rosalia de Leon, national treasurer, told reporters in a Viber group after the auction.
“But given expectations for a pause on policy rates, (there was a) slight (upward) movement in (the rate for the) one year,” she added.
The 91-day paper fetched a rate of 1.121 percent, 3.5 basis points (bps) lower than the previous average of 1.156 percent.
Tenders totaled to P26.58 billion, more than five times the P5 billion program, prompting the committee to raise the awarded amount to P7 billion.
For the 182-day securities, the rate is 1.601 percent, 1.4 bps down from the previously recorded yield of 1.615 percent.
Demand reached P15.683 billion, more than three times oversubscribed versus the P5 billion fully awarded offering.
Lastly, the yield of the 364-day IOU is 1.858 percent, 0.8 bps up from the previous rate of 1.85 percent.
Tenders amounted to P29.678 billion, with the government awarding P10 billion as programmed.