The Bureau of the Treasury accepted a total P17 billion of bids at the auction of treasury bills Monday, taking advantage of lower rates and strong demand from the market.
Total bids reached P59.8 billion, nearly four times the offered amount of P15 billion. The additional P2 billion was awarded for bids on the 364-day bill.
Yield on the 91-day paper eased further to 5.727 percent from 5.780 percent last week while that on the 182-day bill slipped to 5.893 percent from the previous auction’s 5.930 percent.
Meantime, yield in the 364-day T-bill slightly eased to 6.037 percent from 6.056 percent.
Strong demand for treasury bills comes just days before the Bangko Sentral ng Pilipinas is scheduled to hold its policy meeting. The central bank is expected to stand pat on interest rates at its meeting Thursday, especially after the slight rise in April inflation to 3.8 percent on higher food prices.
