NextGen Day

Due to rate increases, the Bureau of the Treasury (BTr) only partially awarded Treasury bills (T-bills) on Monday.

PHP2.531 billion worth of the 91-day paper, PHP3.7 billion worth of the 182-day T-bill, and PHP4.405 billion worth of the one-year securities were granted out of the total PHP5 billion offered for each tenor.

This came after the three-month, six-month, and 364-day T-bills rates increased to 4.911 percent, 5.556 percent, and 5.864 percent, respectively.

During the auction last March 13, they were at 4.664 percent, 5.437 percent, and 5.717 percent, respectively, for the 91-day, 182-day, and 364-day papers.

There were PHP4.041 billion in total tenders for the three-month T-bill, PHP6.970 billion for the six-month paper, and PHP6.795 billion for the one-year paper.

“Partial award to anchor rates within levels in secondary markets,” National Treasurer Rosalia de Leon told media in a Viber message.

De Leon explained that investors’ “waiting for Fed (Federal Reserve) decisions and markets remain(ing) on the edge(as) banking turbulence unravels” was the cause of the government securities’ under subscription.

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