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 5.712 percent, 5.864 percent, and 6.007 percent, respectively - all lower than previous auction and secondary market benchmark rates.
Last week, the average rate of the 91-, 182-, and 364-day T-bills settled at 5.727 percent, 5.893 percent, and 6.037 percent.
"[This was] after [the] less hawkish signals from BSP Governor (Eli) Remolona on possible 0.25 [basis points] local rate cut as early as August and another 0.25 later in 2024," Rizal Commercial Banking Corporation chief economist Michael Ricafort said.
"T-bill average auction yields again lower after slower-than-expected U.S. CPI (consumer price index) data. The financial markets recently priced in about two Fed(eral Reserve) rate cuts for 2024, higher vs. about one Fed rate cut priced in by the markets about three weeks ago," he added.
The auction was nearly four times oversubscribed, attracting PHP59.3 billion in total tenders.
The BTr raised the full program of PHP15 billion for the auction. (PNA)
