Despite a slight uptick in investors’ asking yield, the Bureau of the Treasury (BTr) made a full award of Treasury bills (T-bills) on Monday amounting to a total of P15 billion.
The Treasury raised P5 billion each from the sale of 91-day, 182-day and 364-day T-bills.
“The auction was 1.8 times oversubscribed with total bids reaching P27.7 billion. With its decision, the Committee raised the full program of P15 billion for the auction,” read the Treasury’s statement issued after Monday’s auction.
Total amount tendered per tenor were as follows: P6.589 billion for 91-day, P11.070 billion for 182-day and P9.994 billion for 364-day T-bills.
The 91-day T-bills fetched an average rate of 5.827 percent, with a full yield range of 5.67 percent to 5.9 percent. The average rate was slightly higher than the 5.783 percent average rate it recorded in last week’s auction. The average yield for the 182-day T-bills was at 5.891 percent compared to the 5.879 percent average rate last week. During the Monday auction, the 182-day T-bills fetched bids ranging from a low of 5.748 percent to a high of 5.9 percent.
Meanwhile, the 364-day T-bills had an average rate of 5.98 percent, a tad bit more than the 5.948 percent average yield it got last week. Bids for the 364-day T-bills ranged from 5.81 percent to 6 percent.
Compared to their secondary market benchmark levels, only the average rate of 182-day T-bills were lower. The secondary market rate for the 182-day T-bills was at 5.963 percent.
Both the average rates of the 91-day and 364-day T-bills were higher than their secondary market rates of 5.766 percent and 5.931 percent, respectively.
For the month of June, the Treasury aims to raise P185 billion from the sale of T-bills and T-bonds. The BTr plans to generate P60 billion from four auctions of T-bills and P125 billion from five auctions of T-bonds.