NextGen Day

Due to under subscription, the Bureau of the Treasury (BTr) only partially awarded the one-year Treasury note (T-bill) on Tuesday.

It offered all tenors for PHP5 billion, but only PHP4.655 billion in tenders were received for the 364-day paper. PHP3.65 billion was given away by the auction committee.

The whole amount of the 91-day and 182-day T-bills was awarded. The three-month paper received bids totaling PHP14.65 billion, while the six-month instruments received bids totaling PHP10.95 billion.

The three-month average rate was up, but the six-month and one-year average rates were reduced.

During the auction on December 5, 2022, the rate on the 91-day paper increased to 4.155 percent from 4.089 percent.

The average rate for the six-month and one-year papers, on the other hand, decreased to 4.903 and 5.240 percent, respectively. In the auction on December 5 for the six-month paper, these were at 4.950 percent, and on November 28 in the auction for the one-year paper, they were at 5.150 percent.

National Treasurer Rosalia de Leon sent a Viber message to reporters saying, “Partial award on 364-day to align (the) average with secondary yield.”

Investors, she continued, anticipate that prices would have “peaked in December but still envision BSP (Bangko Sentral ng Pilipinas) reducing (the) pace of rate hikes to bring inflation within target level of 2-4 percent.”

Domestic inflation last November increased to 8%, the highest level since November 2008.

The Philippine Statistics Authority (PSA) is expected to release both the annual average and the inflation rate for December 2022.

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