The Bureau of the Treasury (BTr) has upsized the amount it awarded for the auctioned treasury bills yesterday amid significant demand for the short-term IOUs.
The auction was 3.1 times oversubscribed, attracting P46.9 billion in total tenders.
This prompted the BTr to double the accepted volume of non-competitive bids for the 91- and 182-day securities.
With its decision, the BTr raised P19 billion compared to the P15 billion initial program.
The 91-, 182- and 364-day IOUs fetched average rates of 5.102 percent, 5.582 percent and 5.973 percent, respectively.
In comparison, the secondary market rate for the three-month tenor is 5.227 percent, and 5.508 percent for the six-month tenor and 5.827 percent for the one-year tenor.
The BTr is set to auction off five-year treasury bonds for today’s auction.
It has a programmed volume of P30 billion.a
