THE Bureau of the Treasury (BTr) raised more than the initially offered amount in its Treasury bills (T-bills) auction on Monday, January 13.
The Auction Committee raised P27.6 billion from its P22-billion initial offer.
“The auction was 4.3x oversubscribed with total bids reaching P93.8 billion, prompting the committee to double the accepted non-competitive bids for the 91- and 182-day T-bills to P5.6 billion each,” the BTr said.
Total tenders for the 91-day paper reached P37.86 billion.
The committee accepted P9.8 billion, higher than the initial offer which was at P7 billion.
Yield, meanwhile, settled at 5.588 percent.
For the 182-day T-bills, the BTr also raised P9.8 billion from a total of P31.37 billion bids.
The average yield for the debt paper was settled at 5.638 percent.
The BTr said total tender for the 364-day T-bills, meanwhile, reached P24.53 billion.
The Auction Committee raised P8 billion, with the average yield settling at 5.891 percent.
In a Viber message, Rizal Commercial Banking Corporation chief economist Michael Ricafort said T-bills average auction yields mostly corrected slightly lower for the second straight week after rising for 11 straight weeks.
Last week, the average auction yield of the 91-, 182-, and 364-day T-bills settled at 5.782 percent, 5.911 percent, and 5.931 percent.
“Most Treasury bill average auction yields are already and interestingly below the 5.75% key Bangko Sentral ng Pilipinas overnight rate, on possible local policy rate cut as early as the next BSP rate-setting meeting on February 20, 2025, the first for 2025, based on recent signals from local monetary officials,” Ricafort said. (PNA)
