BTr sets T-bills, bonds auctions for April

The government will borrow from domestic sources a total of P190 billion next month, inclu­ding P30 billion in the retur­ning 35-day treasury bills, which have not been offered in the past 15 years.

While the Bureau of the Treasury (BTr) usually relea­ses its borrowing program on a quarterly basis, its March 25 memorandum to all government securities eligible dealers covers only the T-bill and bond offerings for April.

For April, it will auction off some 100 billion worth of T-bills across three tenors—a total of P20 billion weekly consisting of P10 billion in 91-day bill, P5 billion in 182-day and P5-billion in 364-day—on March 30, April 6, April 13, April 20 and April 27.

The Treasury will also sell P15-billion each of 35-day T-bills on Tuesday (March 31) and April 21.

National Treasurer Rosalia V. de Leon said it would not be the first time the 35-day IOU would be offered.

In a text message, former national treasurer and now Philippine Deposit Insurance Corp. president Roberto B. Tan said: “If I remember it correctly, [the last issuance of 35-day T-bill] was during Mina Figueroa’s time.”

Figueroa served as BTr chief in February to October 2004.

De Leon noted that since the central bank suspended its weekly term deposit facility auction—which had taken care of short-term liquidity—the 35-day bill “provides outlet for investors … and provides funds for our short-term requirements.”

The Treasury will likewise sell P30 billion each in one-year and two-year T-bonds on April 14 and April 28, respectively. INQ