NextGen Day

MANILA, Philippines – On Monday, Treasury bill (T-bill) rates increased, resulting in the three-month paper receiving the full award.

The 91-day paper’s average rate increased to 1.587 percent, the 182-day paper to 1.856 percent, and the 364-day paper to 2.137 percent.

These were 1.536 percent, 1.607 percent, and 1.792 percent for three-month, six-month, and one-year notes, respectively, at the March 21 auction.

The Treasury’s Bureau of the Treasury (BTr) offered all tenors at a price of PHP5 billion each, and they were all sold out.

Total tenders for the 91-day paper totaled PHP17.802 billion, while those for the six-month paper totaled PHP9.4 billion, and those for the one-year securities totaled PHP8.602 billion.

However, during the day, only the three-month T-bill was awarded.

“Market jitters persist as a result of another round of oil price hikes and the Fed’s (Federal Reserve’s) aggressive tone, which includes a 50 bps (basis points) rate hike to rein in inflation,” National Treasurer Rosalia de Leon told journalists via Viber.

The government successfully tapped the international debt market last week, its first for the year, with the offer of USD2.25 billion in multi-year US dollar-denominated bonds.

De Leon stated that the success of the government’s most recent global bond offering instills confidence in fiscal authorities to reject bids during the weekly debt paper.

“BTr’s recent success in the (dollar) market positions it well to meet disbursement even if markets demand an arm and a leg,” she added.

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