BTr partially awards T-bills

Results were mixed during Monday’s Treasury bill auction as the Bureau of the Treasury (BTr) fully awarded bids for the 92-day T-bills and partially awarded the 183- and 365-day securities. The 92-day T-bills fetched an average rate of 6.086 percent while the 183- and 365-day securities were capped at 6.144 percent and 6.219 percent, respectively. In a comment, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said T-bill auction yields rose for the fifth consecutive week. Ricafort said this is after recent hawkish Federal Reserve signals indicating possible one to two rate hikes for the rest of the year. “[The higher auction yield was] also after recent signals of a possible local policy rate cut around January-February 2024 if inflation eases further to below 3 percent by then,” he said. The auction was 1.2 times oversubscribed, attracting PHP17.6 billion in total tenders. With its decision, the BTr raised PHP10.6 billion of the PHP15 billion total offering.

Source: Philippines News Agency