The Bureau of the Treasury fully awarded bids for short-term IOUs at yesterday’s auction.

The 91-, 182-, and 364-day Treasury bills settled average rates of 1.113 percent, 1.386 percent, and 1.746 percent, respectively—all lower than previous auction and secondary market benchmark rates.

The auction was oversubscribed with total bids of P60.2 billion, more than thrice the P20 billion offer. National Treasurer Rosalia de Leon said there was a continued strong buying interest on front end of the curve at lower rates following the record retail bond issuance last week. The treasury also opened yesterday its tap facility windows for one-year IOU for a volume of P5 billion.