Treasury bill (T-bill) rates were mixed in Monday’s auction, mirroring movements in the secondary market as investors awaited the Bangko Sentral ng Pilipinas’ (BSP) monetary policy meeting scheduled for Thursday, June 19.
Investor demand remained strong, with total tenders reaching P74.2 billion, nearly three times the P25 billion on offer.
Rates rose for the 91-day and 364-day tenors, while the yield on the 182-day bill slightly declined. To temper the rate increase on the 91-day paper, the Bureau of the Treasury (BTr) awarded only P6.5 billion out of the P8 billion on offer, capping the average rate at 5.459 percent, slightly up from 5.451 percent last week.
Meanwhile, strong investor interest in the 182-day tenor allowed the BTr to raise its awarded volume to P11.2 billion, up from the P8 billion offer. The average rate slipped to 5.523 percent, just a notch lower than last week’s 5.524 percent.
The 364-day bill saw a marginal uptick in rates, with the average yield climbing to 5.657 percent, compared to 5.656 percent previously.
Markets are closely watching the BSP’s upcoming policy decision, as expectations build around its next move on benchmark interest rates.
