Treasury bill rates averaged lower at Monday’s auction, with demand for short-term debt papers driven higher by anticipation of further monetary policy easing by the Bangko Sentral ng Pilipinas.
Total tenders reached P93.89 billion, more than quadruple the offered amount of P22 billion. The robust demand allowed the Bureau of the Treasury to increase the accepted amount to the maximum up-sizing of 40 percent from the base offer of P7 billion to P9.80 billion for both 91-day and 182-day treasury bills.
Higher accepted amounts for the three- and six-month bills raised the total award to P27.6 billion.
Average rate on the 91-day T-bill eased to 5.165 percent from the previous auction’s 5.588 percent while that on the 182-day paper slipped to 5.503 percent from 5.638 percent. For the 364-day T-bill, the yield eased to 5.840 percent from the previous level of 5.891 percent.
