MANILA – Results were mixed in Monday's Treasury bills (T-bills) auction as the Bureau of the Treasury (BTr) fully awarded bids for the 91- and 364-day T-bills while partially awarding the 182-day security.
The 91- and 364-day T-bills fetched an average rate of 6.149 percent and 6.479 percent, respectively.
The 182-day tenor, meanwhile, was capped at 6.330 percent.
The auction was 1.6 times oversubscribed, attracting PHP23.4 billion in total tenders.
With its decision, the BTr raised PHP14.3 billion of the PHP15 billion total offering.
In a Viber message, Rizal Commercial Banking Corporation chief economist Michael Ricafort said T-bills average auction yields were again mostly higher for the fifth straight week.
Last Oct. 16, the 91-day and 182-day T-bills fetched an average rate of 5.990 percent and 6.207 percent.
The 364-day tenor fetched an average rate of 6.388 percent.
"It is worth noting that the Treasury bill auction yields already adjusted higher to be better aligned with the 1-year average auction yield at 6.14 percent recently," Ricafort said.
"Treasury bill auction yields also increased in recent weeks to also be better aligned with the key local policy rate at 6.25 percent," he added. (PNA)
