NextGen Day

On Monday, the Bureau of Treasury (BTr) accepted bids for lower-priced T-bills.

The average interest rate for the 91-, 182-, and 364-day T-bills during the auction was 5.777 percent, followed by 5.898 percent and 5.945 percent.

During the auction on May 15, these were at 5.874%, 5.991%, and 6.028% for the three-month, six-month, and one-year papers, respectively.

“The auction was four times oversubscribed with total bids reaching PHP60.7 billion,” BTr stated.

The BTr successfully raised the entire PHP15 billion program for the auction.

Michael Ricafort, the chief economist of Rizal Commercial Banking Corporation, noted that the T-bill auction yields fell for the third consecutive week following recent indications of a pause in the local policy rate and a potential reserve requirement ratio reduction as early as next month.

After US Federal Reserve chairman Jerome Powell indicated a hold on Fed rates for the next rate-setting meeting in June 2023, he said, “T-bill yields also eased week-over-week anew, supporting a continued pause in local policy rates.”

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