Treasury bill yields were largely lower at the auction Monday, a few days after the Bangko Sentral ng Pilipinas cut overnight rates for the first time in four years.
Demand was strong, particularly for 182-day T-bills, allowing the Bureau of the Treasury to raise the issue amount to P22.6 billion from the offered amount of only P20 billion.
Total tenders reached P61.3 billion, or three times the offered amount.
Average rate on the 91-day paper rose slightly to 5.940 percent from 5.900 percent. The yield, however, was lower than the prevailing yield on three-month debt in the secondary market of 5.950 percent.
Yields on the 182-day and 364-day bills both eased to 5.989 percent and 6.023 percent, respectively, from last week’s 6.093 percent from 6.062 percent.
