MANILA – The Bureau of the Treasury (BTr) on Monday fully awarded bids for Treasury bills (T-bills).
The 91-, 182-, and 364-day T-bills fetched average rates of 5.575 percent, 5.960 percent, and 6.190 percent, respectively, all lower than secondary market rates.
The auction was 3.5 times oversubscribed, attracting PHP51.8 billion in total tenders.
The BTr raised the full program of PHP15 billion for the auction.
"Treasury bill average auction yields are mostly marginally lower week-on-week," Rizal Commercial Banking Corporation chief economist Michael Ricafort said in a comment.
Ricafort said this is after the slight week-on-week decline in the comparable short-term PHP BVAL (Bloomberg Valuation Service) yields.
"It is important to note that most Treasury bill average auction yields are slightly lower versus the comparable PHP BVAL yields, especially the 91-day tenor at 5.575 percent, lower vs. the comparable 3-month PHP BVAL yield at 5.66 percent as of September 8, 2023," Ricafort said.
He said T-bill auction yields also slightly eased after the temporary rice price ceiling took effect on Sept. 5 and subsidies for rice retailers started to be distributed on Sept. 9 this year. (PNA)
