NextGen Day

The Bureau of the Treasury (BTr) announced on Monday that it fully awarded bids for the Treasury bills (T-bills).

The 91-, 182-, and 364-day T-bills fetched average rates of 5.884 percent, 6.095 percent, and 6.226 percent, all lower than previous auction results.

Last week, the average rates for the 91-, 182-, and 364-day T-bills settled at 5.973 percent, 6.266 percent, and 6.339 percent, respectively.

The auction was nearly three times oversubscribed, with total bids reaching PHP44.4 billion.

The BTr successfully raised the full program of PHP15.0 billion for the auction.

Rizal Commercial Banking Corporation chief economist Michael Ricafort commented that Treasury bill auction yields corrected lower week-on-week. He noted that this correction aligns with the downward trend in PHP Bloomberg Valuation Service (BVAL) yields after better-than-expected US inflation data, which fell to a new 2-year low of 3 percent in June 2023, nearing the Fed’s target of 2 percent.

Ricafort also mentioned that the lower T-bill auction yields could have been supported by the peso’s strongest exchange rate versus the US dollar in over three months. This may reduce import prices and overall inflation, which could further ease due to higher base effects.

On July 13, the peso closed at 54.51 to a US dollar, marking its best performance since April 5.

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