MANILA – The Bureau of the Treasury (BTr) fully awarded bids for Treasury bills (T-bills) during Monday's auction.
The 91-, 182-, and 364-day T-bills fetched average rates of 5.947 percent, 6.002 percent, and 6.040 percent, respectively.
"Treasury average auction yields were again mostly slightly higher, similar to the week-on-week rise in the comparable short-term PHP BVAL (Bloomberg Valuation Service) yields, after the latest USD2.5 billion Philippine government global bond issuance siphoned off some of the excess liquidity from the financial system," Rizal Commercial Banking Corporation chief economist Michael Ricafort said.
Last week, the average yield of the 91-, 182-, and 364-day T-bills settled at 5.966 percent, 5.996 percent, and 6.022 percent.
The auction was 2.7 times oversubscribed with total bids reaching PHP53.1 billion, prompting the BTr to increase the accepted non-competitive bids for the 182-day securities.
With its decision, the BTr raised a total of PHP22.6 billion compared to the PHP20 billion initial offer. (PNA)
