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Manila Bulletin devider Business devider Short-term benchmark yields rise

Short-term benchmark yields rise

Published Nov 14, 2022 02:57 pm

Benchmark yields for short-term loans went up ahead of the Bangko Sentral ng Pilipinas' (BSP) policy meeting.

At Monday's auction of Treasury bills on Nov. 14, the bellwether 91-day Treasury bill rate, which banks use in pricing their loans, rose to 4.464 percent from 4.350 percent last week.

The Treasury sold the P5 billion worth of three-month debt papers on offer. Investors, however, were asking for P13.7 billion of the government security or IOU.

Yield on the 182-day T-bill also increased to 4.838 percent from the previous 4.800 percent as investors were willing to buy P7.147 billion of the six-month IOUs. The government awarded only P2.2 billion of P5 billion program.

Moreover, interest rate on the one-year IOU has risen to 5.100 percent from 5.000 percent last week.

The one-yield debt papers attracted only P3.2 billion worth of bids, below the P5 billion on offer. The government accepted only P1.4 billion.

The increase in interest rates come after BSP Governor Felipe M. Medalla said last Friday that he will vote to raise the central bank’s key policy rates by 75 basis points (bps) on Thursday

“Since they hiked by another 75 bps, you can expect that I will be voting to raise the policy rate by a similar magnitude,” Medalla said in a recorded message at the Economic Journalists Association of the Philippines awards.

Related Tags

Treasury bills government borrowings T-bills Bureau of the Treasury
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