THE national government borrowed P20 billion through the issuance of Treasury bills (T-bills) on Monday despite lower demand from investors. The Bureau of the Treasury (BTr) raised the P20 billion programmed amount by fully awarding the bids for the 92-, 182- and 364-day T-bills offered in the auction.
THE national government borrowed P20 billion through the issuance of Treasury bills on Monday despite lower demand from investors.
The auction was 3.8 times oversubscribed, according to the Treasury. Demands for the 92-day T-bills reached P24.370 billion, of which P6.500 billion was accepted by the Treasury. Average auction yields for the 182-day tenor recorded the biggest week-on-week decline by 47.5 bps to 5.005 percent from the previous auction’s 5.480 percent. Last week, yields for the 182-day debt papers declined by 46 bps from 5.940 percent.
In the secondary market, the T-bills average auction yields continued to decline and are all lower than the prevailing rates. Finance Secretary Ralph G. Recto, who is also a member of the Monetary Board, said the Bangko Sentral ng Pilipinas could match the latest 0.50 rate cut of the US Federal Reserve.
Recent declines in global crude oil prices may also support the continued cooling of inflation both locally and in the United States, Ricafort added.
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