MANILA – The Bureau of the Treasury (BTr) rejected all bids for the Treasury bills (T-bills) during an auction on Monday after investors asked for higher yields.
Had the auction committee awarded the debt papers, the average rate of the 91-day securities would have risen to 1.49 percent, the 182-day to 1.736 percent, and the 364-day to 1.865 percent.
These were at 0.899 percent, 1.157 percent, and 1.568 percent for the three-month, six-month, and one-year papers during the auction last February 21.
The BTr offered the papers for PHP5 billion across-the-board and all tenors were oversubscribed.
Total tenders for the three-month T-bill reached PHP6.07 billion, while it amounted to PHP5.652 billion for the six-month paper and PHP6.82 billion for the one-year paper.
T-bill rates increased in the previous week but BTr’s auction committee still made full awards for all tenors.
National Treasurer Rosalia de Leon earlier attributed the higher rates to concerns on the Ukraine-Russia conflict and the upward revision of the Bangko Sentral ng Pilipinas’ (BSP) average inflation rate for this year from 3.4 percent to 3.7 percent due in part to higher oil prices and its impact on commodity prices. (PNA)
