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Manila Bulletin devider Business devider Gov't fails to borrow P50-B on high returns

Gov't fails to borrow P50-B on high returns

Published Nov 2, 2022 02:13 pm

The national government rejected all bids for its short- and long-term debt paper offerings after investors sought for higher returns.

At Wednesday’s dual auctions, Nov. 2, the Bureau of the Treasury failed to borrow P50 billion from the sale of three-, and six-months notes as well as one-, and three-year papers.

The Bureau of the Treasury did not award bellwether the 91-day IOUs, which banks use in pricing their loans, after interest rate rose to 4.768 percent from 4.220 percent last week.

Total tenders reached P8.485 billion, above the P5 billion plan.

The Treasury also rejected bids for the 182-day Treasury bill. Had the government made a full award, the six-month notes would have fetched an average rate of 5.284 percent, up from the 4.650 percent seen last week.

Bids came in at only P4.93 billion, lower than the programmed P5 billion.

Lastly, the government refused to award the one-year IOU after yields have risen to 5.798 percent from 4.8975 percent last week.

The one-yield debt papers attracted only P2.67 billion worth of bids, also below the P5 billion on offer.

Moreover, the national government rejected bids for three-year Treasury bonds.

Investors had sought a return of 6.763 percent for the reissued three-year Treasury bonds, above the prevailing secondary market rate of 76.303 percent.

Total bids amounted to P36.336 billion, higher than the P35 billion on offer.

“Market pricing in excessive buffers to cover for US Fed sustained hawkish actions and Bangko Sentral ng Pilipinas’ forecast of October inflation 7.1 percent to 7.9 percent,” National Treasurer Rosalia V. De Leon told reporters after the auction.

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Bureau of the Treasury National Treasurer Rosalia V. De Leon
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