THE Bureau of the Treasury (BTr) raised P24 billion in its treasury bills auction yesterday amid strong demand and as rates went lower than previous auction and secondary market levels.
The BTr said in a statement the auction was more than five times oversubscribed with total bids reaching P103.8 billion, prompting the auction committee to raise the accepted non-competitive bids for both 91- and 182-day securities to P4 billion each.
The BTr thus raised a total of P24 billion, exceeding the P20 billion initial offer.
Rosalia de Leon, national treasurer, told reporters through Viber yesterday the tap facility window was opened for the 364-day paper for another P5 billion.
“Strong reception to T-bill auction at much lower rates reflecting liquid tone of market aftermath of supportive actions of the BSP (Bangko Sentral ng Pilipinas). Flight to safety continues,” de Leon said.
The 91-day securities fetched a rate of 2.09 percent, 17.9 basis points (bps) lower versus the previous average of 2.269 percent.
Tenders amounted to P29.334 billion, nearly six times the P5 billion offer, with P7 billion being awarded.
For the 182-day debt instrument, the accepted rate was 2.193 percent, 18.1 bps down compared to the previous 2.374 percent.
Demand reached P33.7 billion, more than six times the P5 billion offering, with the auction committee opting to sell P7 billion.
Lastly, for the 364-day IOUs, the yield is 2.653 percent, 10.8 bps lower versus the previous rate of 2.761 percent.
Tenders totaled to P40.771 billion, more than four times the P10 billion offer which was fully awarded.
