NextGen Day

Following the increases in the rates of the debt papers, the Bureau of the Treasury (BTr) fully awarded the 364-day tenor on Tuesday but only partially awarded the 91- and 182-day Treasury bills (T-bills) on Monday.

It offered all tenors PHP5 billion apiece but gave out PHP1.428 billion and PHP2.125 billion in three-month and six-month paper, respectively.

This came after the average rate for the 91-day paper increased to 5.19%, for the 182-day paper to 5.67%, and for the 364-day paper to 5.987%.

During the March 20 auction, they were at 4.911 percent, 5.556 percent, and 5.864 percent for the three-month, six-month, and one-year papers, respectively.

At PHP6.038 billion for the 91-day, PHP5.635 billion for the 182-day, and PHP11.579 billion for the 364-day, all tenors were oversubscribed.

Because of the elevated inflation rate and increases in the Federal Reserve’s key rates, predictions for additional increases in the BSP’s (the Philippine central bank) key rates have contributed to the rise in the rates of government securities.

The Monetary Board (MB), which sets policy for BSP, boosted the key interest rates of the central bank by 25 basis points last week after recognising the necessity to keep raising rates to combat the high inflation rate.

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