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On Monday, the average rate of Treasury notes (T-bills) increased everywhere, maintaining its upward trend on anticipations of further increases in the major interest rates set by the central bank in response to another spike in domestic inflation.

The average rate for the 91-day paper increased to 4.23%, for the 182-day paper to 4.959%, and for the 364-day paper to 5.393%.

For the three-month, six-month, and one-year securities, respectively, these were at 4.155 percent, 4.903 percent, and 5.240 percent during the auction on January 3.

All of the tenors that the Bureau of the Treasury (BTr) provided for PHP5 billion each received oversubscription.

There were PHP11.875 billion in bids for the 91-day T-bill, PHP9.180 billion for the 182-day, and PHP6.940 billion for the one-year.

The shorter tenors were fully awarded by the auction committee, but the one-year paper received only PHP4.750 billion.

The average rate of T-bills has increased as investors have seen further increases in the Bangko Sentral ng Pilipinas’s key policy rates following another increase in domestic inflation last December to 8%, the highest in the previous 14 years.

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