Treasury partially awards T-bills amid rising rates
MANILA — The Bureau of the Treasury partially awarded the T-bills offered Monday amid rising yields.
In a statement, the Treasury said it rejected the bids for the P5 billion in 182-day IOUs “due to higher-than-expected rates.” The six-month debt paper was undersubscribed, with P3.55 billion in tenders.
As for the benchmark 91-day treasury bills, only P4.127 billion were accepted out of the P6-billion offering, even as tenders reached P9.162 billion.
The average rate for the three-month IOUs inched up to 2.189 percent from 2.126 percent in the previous auction.
For the 364-day T-bills, the Treasury accepted P3.61 billion out of the P5.93 billion in bids for the P4 billion it offered.
The annual rate of the one-year debt paper rose to 2.995 percent from 2.926 percent two weeks ago.
In all, the Treasury raised P7.7 billion out of the P15-billion total offering.
Investors tendered a total of P18.6 billion, of which almost half were for the 91-day government securities. SFM
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