Investors swarmed short-term government debt papers offer on Monday, June 6, as the Bureau of the Treasury partially awarded the one-year IOU at a higher interest rate.

The yield on the 91-day Treasury bill, which banks use in pricing their loans, declined to 1.440 percent from 1.460 percent a week ago.

The government accepted P5-billion worth of bids for the three-month IOUs, even as investors were willing to buy as much as P20.79 billion of the debt papers.

The 182-day T-bill rate, meanwhile, rose slightly to 1.834 percent from 1.812 percent in the previous week.

The government sold P5 billion of the six-month debt papers, even as investors were willing to lend as much as P15.02 billion.

Meanwhile, the bureau made a partial award for the one-year IOU following four consecutive weeks of full rejections.

The 364-day interest rate significantly increased to 2.297 percent from 1.933 percent when same instrument was successfully sold last May 2.

The government raised P3.924 billion from the sale of the 364-day T-bills, below the P5 billion on offer. The one-year note attracted P6.844 billion worth of bids.