RESULTS were mixed during Monday’s Treasury bills (T-bills) auction, with the Committee raising the awarded bids for the 91-day T-bills, while partially awarding the 182- and 364-day securities.
The BTr raised P32.1 billion from the auction, higher than the P30-billion initial program.
The auction was 3.3 times oversubscribed, attracting P99.4 billion in total tenders.
“The 91- and 182-day T-bills fetched average rates of 4.750 and 4.882 percent, respectively, prompting the Committee to double the non-competitive bids for these tenors to P7.2 billion,” the BTr said in a statement.
Acceptance of the 364-day T-bills was capped at P4.6 billion with an average of 5.168 percent.
Last week, the average rates of the 91-, 182-, and 364-day T-bills were higher at 4.985 percent, 5.080 percent, and 5.204 percent, respectively.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said rates declined following the announcement of ceasefire talks between the United States and Iran.
“T-bill average yields also lower after the net decline in global crude oil prices led to some rollback in fuel pump prices and could help ease inflationary pressures,” Ricafort said.
He added that higher collections in April, driven by annual tax filing, could create a seasonal budget surplus, reduce the need for government borrowing, and partly lower T-bill auction yields. / PNA
