MANILA – The Bureau of the Treasury (BTr) on Monday fully awarded bids for Treasury bills (T-bills).
The 91-day, 182-day, and 364-day T-bills fetched average rates of 5.698 percent, 5.968 percent, and 6.073 percent, respectively.
In comparison, the PHP Bloomberg Valuation Service (BVAL) settled at 5.715 percent for the three-month tenor, 5.967 percent for the six-month tenor, and 6.085 percent for the one-year tenor.
"Treasury bill average auction yields were again slightly higher week-on-week, but still slightly lower and already closer to the comparable short-term PHP BVAL yields, as consistent signals on possible local policy rate cut of -0.25 as early as August 2024 and possible -0.50 local rate cuts in 2024 led to some greater investor demand for longer-dated bonds and other fixed income securities to lock in still relatively higher interest rates, before the rate cuts happen," Rizal Commercial Banking Corporation chief economist Michael Ricafort said.
Total bids amounted to PHP43.815 billion, more than twice the PHP20 billion offering.
With its decision, the BTr raised the full program of PHP20 billion for the auction. (PNA)
