T-bill rates decline as inflation woes ease | Inquirer Business

T-bill rates decline as inflation woes ease

MANILA  -The average rates on Treasury bills again fell across the board, with the national government raising a total of P15 billion, as planned, through the full award of short-term debt papers as lenders’ appetite grew further.

The average rate on the 91-day T-bills went down by 27.3 basis points (bps) to 5.611 percent from 5.884 percent last week.

Also, the average for the 182-day T-bills eased by 27.2 bps to 6.823 percent from 6.095 percent.
Further, the average for the 364-day T-bills decreased by 4.2 bps to 6.184 percent from 6.226 percent.

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“The auction was 4.4 times oversubscribed, attracting P66.7 billion in total tenders,” the BTr said in a statement. “With its decision, the committee raised the full program of P15 billion for the auction.”

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In the previous auction last week, total tenders amounted to just P44.4 billion.

Meanwhile, the results were mixed when compared to prevailing rates at the secondary market.

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At the Bloomberg Valuation Service (BVAL), the yield on the three month bill was 19.7 bps higher at 5.808 percent. Also, the yield on the six-month bill was 13.4 bps higher at 5.957 percent.

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On the other hand, the average rate for the yearlong bill was 3.9 bps lower at 6.145 percent.

Michael Ricafort, chief economist at the Rizal Commercial Banking Corp., said T-bill auction yields were lower week-on-week, which was likely consistent with the continued downward correction in the comparable short-term Philippine BVAL yields.

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TAGS: Inflation, Interest rates‎, treasury bills

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