NextGen Day

As investors continued to demand high rates, the Bureau of the Treasury (BTr) on Monday completely rejected bids for Treasury bills (T-bills).

The rates for the 91-day paper, 182-day paper, and 364-day paper would have increased to 4.660 percent, 4.902 percent, and 4.937 percent, respectively, had the auction committee awarded all of the debt papers.

When the BTr last awarded the three-month and one-year papers, it was on August 22. At that time, the 91-day T-bill brought in an average rate of 2.070 percent, and the 364-day paper brought in 3.782 percent.

On September 27, the six-month paper was last partially granted, receiving an average rate of 3.958 percent.

Only the three-month paper was oversubscribed from all the tenors the BTr offered for PHP5 billion each.

The total amount of bids for the 91-day paper was PHP5.78 billion; for the six-month paper, it was PHP4.78 billion; and for the 364-day T-bill, it was PHP3.678 billion.

National Treasurer Rosalia de Leon responded to inquiries from the Philippine News Agency by saying that rates “are not under our acceptable threshold even taking into account Fed (Federal Reserve) and BSP (Bangko Sentral ng Pilipinas (BSP) planned aggressive policy rate adjustments.”

To reduce the excessive inflation rate both domestically and internationally, both central banks have aggressively increased their respective key rates.

For starters, the overnight reverse repurchase (RRP) rate, one of the BSP’s major policy rates, was increased by 225 basis points to 4.25 percent.

The Federal Reserve Funds rate is now between 3.0 and 3.25 percent after rising by 300 basis points.

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