![Gov't raises P20-B from T-bills auction](https://business.inquirer.net/files/2022/09/bureau-of-treasury-logo-filephoto-092822.png)
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MANILA – The Bureau of the Treasury (BTr) raised P20 billion from the Treasury bills (T-bills) auction on Monday.
The 91-, 182-, and 364-day T-bills fetched average rates of 5.743 percent, 5.991 percent and 6.081 percent, higher than last week’s average auction yield.
Last week, the average rate of the 91-, 182-, and 364-day T-bills settled at 5.717 percent, 5.978 percent and 6.072 percent, respectively.
READ: Gov’t upsizes T-bills sale, but pays more for shorter tenors
The comparative PHP Bloomberg Valuation Service rates, meanwhile, was at 5.736 percent for the three-month tenor, 6.022 percent for the six-month tenor and 6.105 percent for the one-year tenor.
“Investors lock in longer-term tenors ahead of possible 0.25 [basis points] local policy rate cut as early as August 2024 and another 0.25 local rate cut by fourth quarter 2024 as signaled recently by local monetary authorities,” Rizal Commercial Banking Corporation chief economist Michael Ricafort said.
The auction was 2.4 times oversubscribed, attracting P47.4 billion in total tenders.
With its decision, the BTr raised the full program of P20 billion for the auction.