MANILA – The Bureau of the Treasury (BTr) on Monday partially awarded rates for the Treasury bills (T-bills).
The rates for the 91-, 182 -, and 364-day T-bills were capped at 6.029 percent, 6.081 percent, and 6.166 percent, respectively.
In a comment, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said auction yields were higher for the fourth straight week.
Last week, the average rate of 91-day T-bill was at 5.922 percent while the 182-day was capped at 5.978 percent.
The average rate of 364 T-bill, meanwhile, was at 6.062 percent.
"The slight upward correction has been ongoing for four straight weeks and could still continue amid hawkish Fed signals recently that could still lead to about two more Fed rate hikes for the rest of 2023 that could be matched locally to maintain healthy interest rate differentials," Ricafort said.
Total bids for the 91-day T-bills amounted to PHP5.56 billion with the government accepting only PHP3.25 billion.
Total tenders for the 182-day T-bills, on the other hand, amounted to PHP6.53 billion but the accepted bids only amounted to PHP2.90 billion.
For the 364-day T-bills, total bids reached PHP6.50 billion while the accepted bids amounted to PHP2.64 billion.
The BTr raised a total of PHP8.8 billion out of the PHP15-billion offering. (PNA)
