National Treasurer Rosalia de Leon
MANILA – Rates of the 91-day paper rose to 1.156 percent, the 182-day to 1.615 percent, and the 364-day to 1.850 percent.
These were at 1.150 percent and 1.589 percent for the three-month and six-month paper during the auction last Sept. 14 and 1.807 percent during the auction last Sept. 7.
National Treasurer Rosalia de Leon attributed the rise of the T-bill rates to anticipations that the Bangko Sentral ng Pilipinas (BSP) will hold key policy rates at its current level until the end of 2020.
“Full award for all tenors as rates for 182- and 364-day (T-bill) slightly pushed up with expectations BSP will keep policy rates steady for the remainder of the year,” she said.
The Bureau of the Treasury (BTr) offered the three-month paper for PHP5 billion after tenders reached PHP26.931 billion.
Bids for the six-month paper reached PHP14.007 billion, nearly thrice the PHP5-billion offer.
Tenders for the one-year T-bill were more than thrice the PHP10-billion offer after it reached PHP31.961 billion.
Meanwhile, de Leon said they are still “looking for leads and monitoring market developments” vis-à-vis any plans for overseas borrowings.
Last January, the government issued EUR1.2 billion worth of three and nine-year Euro-denominated bonds at EUR600 million each tenor.
The three-year debt paper fetched a zero-percent coupon rate while the nine-year securities fetched a coupon rate of 0.75 percent, lower than the 0.875 percent rate of the Philippines’ eight-year Euro bond that was issued in May 2019.
Last April, the government successfully issued USD2.35 billion worth of 10- and 25-year US dollar denominated bonds.
The 10-year paper was priced +180 basis points higher than US Treasury spreads, better than the initial guidance of +220 basis points.
The 25-year bond was priced at 2.95 percent, 42.5 basis points lower than the 3.375-percent pricing guidance. (PNA)
