Oliver 12 0 0 3 min to read

Partially awards T-bills under BTr

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On Monday, the price of Treasury bills (T-bills) increased, although the auction committee only partially distributed the debt papers.

The average rate for 91-day securities increased to 4.35%, for 182-day securities it increased to 4.80%, and for 364-day securities it increased to 5.000%.

When these were last granted on October 24, 2022, they were at 4.220 percent for the three-month paper, 4.650 percent for the six-month paper, and 4.875 percent for the one-year paper.

The one-year securities garnered bids that were lower than the volume offering when the Bureau of the Treasury (BTr) offered all tenors for PHP5 billion apiece.

The total amount of tenders for the 91-day T-bill was PHP9.35 billion, while for the 182-day and 364-day bills, it was PHP7.457 billion and PHP4.7 billion, respectively.

The three-month paper was granted for PHP2.1 billion, the six-month paper was awarded for PHP2.5 billion, and the one-year securities were awarded for PHP2.1 billion.

Given the increasing demand for yields among investors, the BTr has already started partially awarding or completely rejecting bids for government assets for a number of weeks.

They have the freedom to do this, according to National Treasurer Rosalia de Leon, given the success of the retail treasury bond (RTB) and US dollar-denominated bond issues.

She told reporters on Monday, “Hopefully, (we) will be able to make a complete award in succeeding bills auctions.

Her optimism was attributed to “more and clearer information (that) will help guide market in submissions of bids,” she said.

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