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Manila Bulletin devider Business devider Gov't borrows partially at higher rates

Gov't borrows partially at higher rates

Published Sep 19, 2022 02:46 pm

Benchmark interest rates for short-term loans continued to climb prompting the Bureau of the Treasury to only borrow partially this week.

The offered yield on the 91-day Treasury bill, which banks use in pricing their loans, was rejected by the Treasury bureau after it moved up to 3.912 percent from 2.318 percent when it was last sold three weeks ago.

Likewise, the bureau rejected tenders for the one-year IOUs on attempts by investors to push the rate to 4.890 percent from 3.782 percent when the same paper was sold a month ago. The government was supposed to sell P5 billion of the 364-day T-bills.

Meanwhile, the Treasury bureau made a partial award for the six-month T-bills despite higher interest rates.

The government had planned to sell P5 billion worth of the 182-day IOUs, but it awarded only P3.162 billion at an interest rate of 3.810 percent, up from 3.634 percent last week.

Investors were willing to buy as much as P7.123 billion of the debt papers.

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Bureau of the Treasury
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