Gov’t rejects bids for 91-day, 364-day T-bills 

The government rejected all tenders for the benchmark 91-day as well as the 364-day treasury bills as lenders asked for a more than 100 -basis point increase in yield.

The auction committee led by the Bureau of The Treasury raised only P3.16 billion out of the total P15-billion goal or P5 billion for each tenor.

This amount represented a partial award to investors who availed themselves of the 182-day debt paper. The interest rate increased by 17.6 bps to an average of 3.81 percent from 3.634 percent.

These results played out as the global and domestic financial markets anticipate aggressive policy rate hikes by the Bangko Sentral ng Pilipinas and the United States Federal Reserve later this week.