BTR raises P15B from T-bills, cites healthy market demand

The Bureau of the Treasury on Monday awarded all of the P15 billion in T-bills it offered amid “healthy” market demand.

The Treasury sold P4 billion in 91-day debt paper at an average rate of 4.952 percent.

It also awarded P5 billion in 182-day treasury bills at 6.059 percent.

As for the P6 billion in 364-day T-bills, these were accepted by the auction committee at an annual rate of 6.489 percent.

Bids totaled P24.5 billion across the three tenors, making the auction oversubscribed.

Deputy Treasurer Erwin D. Sta. Ana told reporters after the auction that the total tenders were “quite a good turnout, and that’s the reason why the committee decided to fully award on all tenors.”

Sta. Ana noted that the rate at which they accepted the benchmark 91-day securities was “a little bit lower” compared to bid rates when the Treasury rejected bids in recent weeks, which was “an indication that some view it as inflation peaking already.”

As for the two longer tenors, the yield increments were “quite reasonable from our end,” Sta. Ana said. —BEN O. DE VERA