Treasury bill rates rose at the auction Monday, tracking higher yields in the secondary debt market.
The National Treasury rejected some bids for the 182-day treasury bills to cap yield rise to 5.971 percent from last week’s 5.927 percent. Total tender for the P5 billion offered for the six-month paper reached P12.41 billion, although only P4.8 billion was accepted to cap yield.
The offered amount of P5 billion for each of the 91-day and 364-day papers was awarded in full, with total tenders reaching P8.12 billion and P15.24 billion, respectively.
The average rate on the 91-day paper rose to 5.710 percent from the previous 5.592 percent while that on the 364-day bill rose to 6.085 percent from 6.079 percent.
Demand for shorter-dated government debt papers was affected by the offering of new retail treasury bonds due 2029 that carry a coupon 6.25 percent.
The National Treasury raised a record P584.86 billion through the public offer of retail treasury bond, securing a large amount of funds the government needs to bridge the budget deficit gap projected to reach P1.362 trillion this year.
