NextGen Day

On Monday, the Bureau of the Treasury (BTr) assigned rates for some Treasury bills (T-bills).

Rate caps were set at 6.029 percent, 6.081 percent, and 6.166 percent for the 91-, 182-, and 364-day T-bills.

Michael Ricafort, the chief economist of Rizal Commercial Banking Corporation (RCBC), commented that auction yields have increased for four weeks.

The average rate for 91-day T-bills last week was 5.922 percent, while the maximum rate for 182-day bills was 5.978 percent.

Meanwhile, the 364 T-bill’s average rate was 6.062 percent.

Despite recent hawkish Fed signals, which might still result in around two more Fed rate hikes for the remainder of 2023 and be matched locally to preserve healthy interest rate differentials, Ricafort noted that the little upward corrective that has been going on for four weeks in a row “could continue.”

There were PHP5.56 billion in total bids for the 91-day T-bills. However, only PHP3.25 billion was accepted by the government.

On the other hand, there were PHP6.53 billion in total bidding for the 182-day T-bills, but only PHP2.90 billion in acceptable bids.

The total amount of bids for the 364-day T-bills was PHP6.50 billion, with PHP2.64 billion in acceptable bids.

Out of a total of PHP15 billion selling, BTr raised PHP8.8 billion.

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