NextGen Day

Despite the oversubscription and rate increases on Monday, the Bureau of the Treasury (BTr) partially awarded the debt paper after completely rejecting all bids for Treasury notes (T-bills) during the auction last week.

The BTr offered the debt paper for PHP5 billion for each tenor, but only paid PHP2.505 billion, PHP2.1 billion, and PHP2.049 billion for the 91-day, 182-day, and 364-day tenors.

Bids totaled PHP8.3 billion for the three-month paper, PHP7.466 billion for the six-month paper, and PHP5.094 billion for the one-year securities.

The three-month paper had an average rate of 4.22 percent, while the six-month paper had a rate of 4.65 percent.

When it was last granted during the auction on October 10, those percentages—3.819 percent for the 91-day day and 4.415 percent for the 182-day—were higher.

The one-year paper’s average rate increased somewhat from the 3.782 percent it brought during the auction last August 22 to 4.875 percent.

Rosalia de Leon, the national treasurer, attributed this week’s T-bill auction’s increased demand for the debt paper to “banks need(ing) to place funds.”

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