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Manila Bulletin devider Business devider P22-B T-bills sold; 91-day fetches 0.969%

P22-B T-bills sold; 91-day fetches 0.969%

Published Jan 26, 2021 05:00 am

The national government has successfully raised P22 billion from the sale of Treasury bills after interest rates dropped across the board at yesterday’s auction.

The three-month IOUs fetched an average rate 0.969 percent, lower compared with 0.984 percent last week.

The six-months papers, meanwhile, averaged at 1.323 percent, down from the previous 1.348 percent. Finally, the one-year notes dropped from 1.582 percent to 1.542 percent.

Yesterday’s average interest rates were also lower than secondary market benchmark yields. The auction was also more than five-times oversubscribed, prompting the Treasury to raise its borrowing ceiling for 182-day papers by P2 billion.

The national government original planned to sell only P20 billion worth of Treasury bills this week. National Treasurer Rosalia De Leon said they opened anew their tap facility to accept additional P10 billion in offers for one-year debt papers. She said the local market is overflowing with liquidity. The national government has P67 billion in maturing obligations this week.

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