THE national government raised P13.2 billion of the P15 billion total offering for the auction of Treasury bills (T-bills) on the first trading day of November.
The Bureau of the Treasury (BTr) said only the bids for the 91-day T-bills were awarded in full. This is the fifth consecutive week that the Auction Committee only made partial awards in government securities.
“The auction was 2.2 times oversubscribed, attracting P32.3 billion in total tenders,” the BTr said. “With its decision, the committee raised P13.2 billion of the P15 billion total offering.”
The BTr data showed the 91-day T-bills fetched an average rate of 6.352 percent. The high rate was recorded at 6.374 percent while the low rate was at 6.334 percent.
For the 182-day T-bills, the BTr Auction Committee accepted P4.5 billion of the P5 billion offering. The tenor received tenders worth P7.176 billion.
The 182-day notes fetched an average interest rate of 6.536 percent. The high rate was pegged at 6.55 percent and the low rate was at 6.495 percent.
The BTr data showed the government only raised P3.73 billion of the P5 billion offered 364-day T-bills. The amount tendered for the notes reached P10.35 billion.
The average interest rate fetched by the 364-day notes reached 6.591 percent. The high rate was at 6.6 percent and the low rate was at 6.57 percent.
Last week, the national government failed to raise its intended amount from the T-bills auction after the recent off-cycle decision of the Monetary Board raised key policy rates to a new 16-year high.
The government only raised P12.75 billion out of the P15 billion it intended to generate from this week’s auction. Data from the BTr showed only the 89-day T-bills, which fetched an average rate of 6.343 percent, were fully awarded on Tuesday.
For these promissory notes, the government received tenders amounting to P7.836 billion and rejected P2.836 billion. The highest average interest rate it received was 6.42 percent while the lowest was at 6.185 percent.