MANILA – The Bureau of the Treasury’s (BTr) auction committee on Monday rejected bids for all treasury bill (T-bill) tenors after noting the general demand for high yields and undersubscription.
BTr offered P20 billion worth of securities for the auction on Monday at P6 billion each for the three and six-month paper and P8 billion for the one-year paper.
Data released by the BTr showed that total bids for the 91-day paper amounted to P7.53 billion; the 182-day bill, P4.12 billion; and the 364-day paper, P2.85 billion.
In a Viber message to journalists, National Treasurer Rosalia de Leon dubbed the tenders submitted during the auction as “throw away bids” and attributed this to investors’ preference to hold cash amid coronavirus disease 2019 (COVID-19).
She expects this to continue as the country is seeing rising numbers of COVID-19 cases.(PNA)
