The Bureau of the Treasury’s (BTr) treasury bills auction ended with mixed results as the rate was capped for the one-year paper.
The BTr fully awarded bids for the 91-and 182-day IOUs while partially awarding the 364-day security.
The 91- and 182-day securities fetched an average rate of 5.698 percent and 6.023 percent, respectively.
Meanwhile, the 364-day tenor was capped at 6.215 percent.
Had a full award been made, the rate would have been 6.271 percent.
In comparison, the Bloomberg Valuation service rates for the three-month, six-month and one-year tenors were 5.705 percent, 5.983 percent and 6.194 percent, respectively.
The auction was 1.8 times oversubscribed, with total tenders reaching P27.6 billion.
With its decision, the BTr raised P12.9 billion of the P15 billion total offering.
Specifically, P5 billion as programmed was awarded each for the 91-day and 182-day treasury bills.
Meanwhile, P2.916 billion was accepted for the one-year paper under the partial award, instead of the P5 billion program. – Angela Celis
