NextGen Day

MANILA – After interest rates declined and demand remained robust, the award for 91-day and 182-day Treasury bills (T-bills) was increased by PHP2 billion on Monday.

The three-month rate fell to 1.250 percent, the 182-day rate to 1.555 percent, and the 364-day rate to 1.857 percent.

During the auction on April 4, they were 1.380 percent, 1.781 percent, and 1.883 percent for the 91-day, 182-day, and 364-day debt papers, respectively.

The Bureau of Treasury offered all tenors PHP5 billion apiece but increased the reward for the three- and six-month papers to PHP7 billion. The one-year paper was given in full.

Tenders for the three-month paper totaled PHP32.734 billion, while the six-month paper received PHP27.5 billion and the one-year paper received PHP11.02 billion.

The auction committee raised the accepted amount for non-competitive bids, according to National Treasurer Rosalia de Leon, “with bids lower than prior auctions and healthy bids to cover across all tenors.”

“Markets rushed to the short term when oil prices eased as reserves from the stockpile were released,” she explained.

Liquidity is boosted, she says, by maturing debt documents, which provide “additional support for reinvestment.”

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