Manila: Results were mixed during the Treasury bills (T-bills) auction on Monday as the Auction Committee decided to fully award bids for the 180- and 364-day T-bills while partially awarding the 91-day security. Average rates for the 180- and 364-day T-bills fell below prevailing secondary market rates, settling at 5.607 percent and 5.651 percent, respectively. The 91-day security, meanwhile, was capped at an average of 5.526 percent.
According to Philippines News Agency, last week, the average rate of the 91-, 182-, and 364-day T-bills settled at 5.530 percent, 5.557 percent, and 5.655 percent, respectively. “The Treasury bill average auction yields were mostly corrected marginally lower by -0.004 for the 91-day and 364-day tenors, except for the +0.05 weekly rise in the 182-day tenor, after global crude oil prices declined to the lowest in more than 2 weeks and erased all of the world oil price increase since the Israel-Iran conflict started amid the tentative ceasefire between the two countries as announced by Trump,” Rizal Commercial Banking Corporation chief economist Michael Ricafort said.
The auction was 2.3 times oversubscribed, with total tenders reaching PHP57.7 billion. With its decision, the Committee was able to raise PHP24 billion out of the PHP25 billion planned offering.
