MANILA – The Bureau of the Treasury (BTr) on Monday fully awarded bids for the 91-day Treasury bills (T-bills) and partially awarded the 182- and 364-day securities.
The 91-day T-bills fetched an average rate of 6.352 percent while the 182- and 364-day tenors were capped at 6.536 percent and 6.591 percent, respectively.
"Treasury bill auction yields were mostly higher for the 7th straight week, though slightly this time and the 364-day tenor marginally corrected lower," Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said in a Viber message.
"It is important to note that the 91-day and the 182-day Treasury bill average auction yields as of Nov. 6, 2023 are unusually much higher than the comparable short-term PHP BVAL (Bloomberg Valuation Service) yields," he said.
Based on the BVAL reference rates, the 91-, 182-, and 364-day T-bill rates settled at 6.171 percent, 6.397 percent and 6.583 percent, respectively.
"This came more than a week after the latest off cycle 0.25 [basis points] local policy rate hike to a new 16-year high of 6.50 percent effective October 27, 2023 and recent the hawkish signals from local monetary authorities on the possibility of another 0.25 [bps] local policy rate hike on the next rate-setting meeting on November 16, 2023," Ricafort added.
The auction attracted PHP32.3 billion in total tenders.
The BTr raised PHP13.2 billion of the PHP15 billion total offering. (PNA)
