The Bureau of the Treasury (BTr) said it awarded P25 billion worth of Treasury bills (T-bills) at its Tuesday auction, fetching lower average rates than those in prevailing secondary markets.
The auction was oversubscribed by 4.5 times, attracting P113.02 billion in total tenders, exceeding the P25 billion initial offer.
The BTr auction committee fully awarded P8 billion each for both 91-day and 182-day T-bills, which yielded average rates of 5.195 percent and 5.398 percent, respectively.
Meanwhile, the 364-day T-bills amounted to P9 billion, with an average of 5.522 percent.
Total tenders for this week’s auction reached P31.89 billion for the 91-day T-bills, P39.27 billion for the 182-day T-bills, and P41.86 billion for the 364-day T-bills.
Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said this increased demand for T-bills was driven by the government’s recent retail treasury bond (RTB 31) sale reaching P507.16 billion at the end of its offering period on Aug. 15.
