MANILA – The Bureau of the Treasury (BTr) on Tuesday fully awarded bids for Treasury bills (T-bills).
The 91-, 182-, and 364-day T-bills fetched average rates of 5.966 percent, 5.996 percent, and 6.022 percent, respectively.
Last week, the 91-, 182-, and 364-day T-bills fetched average rates of 5.940 percent, 5.989 percent, and 6.023 percent.
"Treasury bill average auction yields mostly corrected slightly higher, as some investors tend to lock in interest rates for longer-term tenors amid widely expected Fed and Bangko Sentral ng Pilipinas rate cuts for the coming months as affirmed recently by Fed Chair Powell and most Fed officials during the Jackson’s Hole Economic Symposium over the weekend," Rizal Commercial Banking Corp. chief economist Michael Ricafort said.
"Most T-bill average auction yields also corrected higher after global crude oil prices corrected to one-week highs."
The auction was 2.7 times oversubscribed with total bids reaching PHP53.4 billion, prompting the BTr to increase the accepted non-competitive bids for the 182-day securities.
With its decision, the bureau raised a total of PHP22.6 billion compared to the PHP20 billion initial offer. (PNA)
