Treasury bill (-bill) rates rose at the auction on Monday, reflecting a correction in the market as it awaits the outcome of the monetary policy meeting of the Bangko Sentral ng Pilipinas later this week.
Total tenders were still more than double the P22 billion offered at P50.1 billion, allowing the Bureau of Treasury to make a full award. The figure, however, was lower compared to total bids in previous weeks, when the offer was upsized to take advantage of strong demand and lower rates.
Yield on the 91-day T-bill rose to 5.128 percent from last week’s 5.101 percent while that on the 182-day paper rose to 5.562 percent from 5.477 percent. Average yield on the 364-day bill climbed to 5.736 percent from 5.671 percent.
The BSP is scheduled to hold its interest rate-setting meeting on Thursday, where the central bank is expected to continue easing monetary policy.
