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MANILA, Philippines — On Monday, the rate of Treasury bills (T-bills) fluctuated, but all tenors were oversubscribed, which National Treasurer Rosalia de Leon attributed to expectations of Federal Reserve key rate hikes.

The 91-day T-average bill’s rate fell to 1.223 percent, but the 182-day and 364-day T-rates bills jumped to 1.568 percent and 1.877 percent, respectively.

During the April 11 auction, these were at 1.250 percent, 1.555 percent, and 1.857 percent for three-month, six-month, and one-year papers, respectively.

All tenors were auctioned for PHP5 billion by the Bureau of the Treasury (BTr), and the auction committee made complete awards across the board.

Bids totaled PHP26.23 billion for the three-month T-bill, PHP15.85 billion for the six-month paper, and PHP11.954 billion for the one-year paper.

Demand was increased, according to De Leon, by additional liquidity from maturing assets worth PHP27 billion.

“Market (was) biased on the short-end with anticipated aggressive Fed(eral Reserve) measures with coupled policy rate rises and balance sheet runoff as represented in Fed minutes,” she continued, referring to the Fed Open Market Committee (FOMC) meeting minutes from last March.

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