MANILA – The Bureau of the Treasury (BTr) upsized by PHP4 billion the Treasury bills (T-bills) it awarded Monday due to strong demand and drop in rates.
BTr offered both the 91-day and 182-day papers for PHP5 billion each, but these were upsized to PHP7 billion after tenders for the bellwether tenor reached PHP33.01 billion and PHP21.125 billion for the six-month paper.
Rate of the three-month paper averaged at 3.113 percent, lower than its 3.471 percent rate during the auction last April 13.
Average rate of the six-month paper went down to 3.239 percent from 3.409 percent in the previous week.
Bids for the one-year T-bill reached PHP25.864 billion, more than twice the PHP10-billion offer, which was fully awarded.
Its rate averaged at 3.295 percent, lower than last week’s 3.685 percent.
The BTr auction committee opened the tap facility for this tenor after the regular auction, wherein PHP10 billion worth of debt paper was offered and accepted while tenders reached PHP11.9 billion.
“(We) accepted more than (the) offer because we doubled the non-competitive award,” National Treasurer Rosalia de Leon said.
Non-competitive bids for the 91-day paper reached PHP9.1 billion and the auction committee awarded PHP4 billion.
Bids that are non-competitive for the six-month paper totaled to PHP10.2 billion, and the auction committee awarded PHP4 billion.
The original offer for the three-month paper is lower this week than the PHP10 billion in the previous week due to strong appetite for the one-year paper amid higher interest rate and the PHP120-billion maturity, de Leon added. (PNA)
