NextGen Day

After investors demanded high returns, the Bureau of the Treasury’s (BTr) auction committee rejected all bids for the re-issued seven-day Treasury bond (T-bond) on Tuesday.

The debt paper’s rate would have climbed to 4.814 percent from 4.468 percent if the committee had issued a full award.

The shares were offered for PHP35 billion by BTr, with a total bid of PHP41.42 billion.

“With inflation expected to trend downward, full rejection rates are unnecessarily high.” In a Viber message to journalists on Tuesday, National Treasurer Rosalia de Leon said, “BSP (Bangko Sentral ng Pilipinas) remains dedicated to help economic recovery.”

“The market may be waiting for (the) December inflation print,” she said.

On Wednesday, the Philippine Statistics Authority will issue the inflation rate for December 2021.

Last November, the rate of price rises slowed to 4.2 percent from 4.6 percent the month before.

Inflation averaged 4.5 percent in the first 11 months of last year, exceeding the government’s goal range of 2 to 4 percent.

Despite the bid rejections, De Leon stated that the government’s “financial level remains comfortable to meet requirements.”

“Even with the rejection of remaining bond auctions last year, we ended 2021 with solid revenue collections and ODA (official development assistance) payout,” she continued.

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