Yields were mostly lower at the auction Monday as the market awaits the decision of the U.S. Federal Reserve later this week on key interest rates.
The Bureau of the Treasury’s auction committee awarded the entire P15 billion on offer—P5 billion each for the 92-day, 183-day and 365-day treasury bills—as demand remained strong at P42.4 billion in total bids.
The average rate on the 92-day paper eased to 5.667 percent from 5.698 percent last week while that on the 365-day paper slipped to 6.039 percent from 6.046 percent.
Yield on the 365-day paper rose to 5.908 percent from the previous week’s 5.904 percent.
The average rate on all treasury bills offered at the auction Monday were all lower compared to rates prevailing in the secondary debt market. Yield in the secondary market for the three-month paper averaged 5.704 percent, 6.00 percent for the six-month debt and 6.081 percent for the one-year debt paper.
