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MANILA – The Bureau of the Treasury (BTr) on Tuesday fully awarded bids for Treasury bills (T-bills).
The 91-, 183-, and 364-day T-bills fetched average rates of 5.666 percent, 5.930 percent, and 6.031 percent, respectively – all lower than the prevailing secondary market rates.
The comparative Bloomberg Valuation Service (BVAL) average rates were at 5.728 percent for the three-month tenor, 5.958 percent for the six-month tenor, and 6.078 percent for the one-year tenor.
"T-bill auction yields (are) still slightly lower vs. comparable short-term PHP BVAL yields ahead of the latest BSP (Bangko Sentral ng Pilipinas) monetary policy-setting meeting expected to be unchanged to match the Fed’s decision to keep its rates unchanged last June 12, 2024," Rizal Commercial Banking Corp. chief economist Michael Ricafort said.
Ricafort said the BSP would likely keep policy rates unchanged to maintain healthy interest rate differentials.
The auction was 2.7 times oversubscribed, attracting PHP39.8 billion in total tenders.
With its decision, the BTr raised the full program of PHP15 billion for the auction. (PNA)
