THE GOVERNMENT partially awarded its offer of Treasury bills (T-bills) as yields rose after the central bank hiked benchmark interest rates anew last week, and with demand weak ahead of a retail Treasury bond (RTB) offering. READ
awarded its oer of Treasury bills as yields rose after the central bank hiked benchmark interest rates anew last week, and with demand weak ahead of a retail Treasury bond offering.
The BTr also raised only P2.721 billion from the 364-day debt papers out of the P5-billion program, even with demand for the tenor reaching P7.221 billion. The one-year paper’s average rate rose by 7 bps to 3.782% from 3.712% fetched at the previous auction as the government accepted oMeanwhile, the government made a full P5-billion award of the 182-day securities on offer on Monday as tenders reached P15.265 billion. The average rate of the tenor went up by 11 bps to 3.336% from the 3.
“There was less demand compared to previous week’s auction,” the first trader said, noting investors likely want to put their funds in the RTBs that will be offered starting this week. “Yields are also higher across following the 50-bp hike by the Monetary Board.”ect investors’ appetite for short-dated securities, albeit seeking a relatively higher premium as monetary policy rates are still seen to increase in the coming months,” the second trader said.
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