Average yields on Treasury bills ended mixed at Monday’s auction, as the Bureau of the Treasury (BTr) moved to reject select bids in an effort to rein in the rate on the 91-day tenor.
Total bids reached P57.7 billion, more than double the P25 billion on offer. However, only P24 billion was awarded as the BTr capped the 91-day T-bill’s average rate at 5.526 percent — slightly down from 5.530 percent in the previous week.
The average yield on the 180-day T-bill settled at 5.607 percent, below current secondary market rates but up from last week’s 5.557 percent, indicating firm investor demand with a cautious stance on duration.
Meanwhile, the 364-day paper saw its average rate ease to 5.651 percent from 5.655 percent, suggesting that the recent policy rate cut by the Bangko Sentral ng Pilipinas is beginning to temper longer-term yield even amid persistent geopolitical headwinds in the Middle East.
