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Manila Bulletin devider Business devider Short-term benchmark yields up anew

Short-term benchmark yields up anew

Published Nov 6, 2023 09:26 am

At A Glance

  • The national government raised a total of P13.220 billion, well below the P15 billion program, with a total demand that reached P32.316 billion.<br>The 91-day Treasury bill rate rose anew to 6.352 percent from 6.343 percent last week.<br>The yield on the 182-day T-bill inched up to 6.536 percent from the previous 6.462 percent.<br>Lastly, there was also a slight increase in the average yield for the one-year T-bills, increasing from 6.591 percent a week ago to 6.592 percent.

Short-term benchmark interest rates significantly increased weeks after the policy rate hike.

At the Bureau of the Treasury auction on Monday, Nov. 6, the national government raised a total of P13.220 billion, below the P15 billion program. Total demand reached P32.316 billion.

The 91-day Treasury bill rate rose anew to 6.352 percent from 6.343 percent last week.

The Treasury sold all P5 billion of three-month debt papers on offer. However, investors were asking for P14.790 billion of government security or IOU.

The yield on the 182-day T-bill also inched up to 6.536 percent from the previous 6.462 percent as investors were willing to buy P7.176 billion of the six-month IOUs. The government awarded only P4.500 billion, below the P5 billion on offer.

Lastly, there was also a slight increase in the average yield for the one-year T-bills, increasing from 6.591 percent a week ago to 6.592 percent.

The Treasury raised P3.720 billion by selling 364-day IOUs, also below the target of P5 billion.

At the Bloomberg Valuation Service (BVAL), the yield on the three-month bill was lower at 6.171 percent, while the yield on the six-month bill stood at 6.397 percent.

The average rate for the 12-month bill was also lower in the secondary market at 6.583 percent.

Despite the high yields, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said that this could be offset by lower global oil prices recorded recently.

He also cited Finance Secretary Benjamin E. Diokno hinting that the policy rate already reached its peak and the easing of inflation trend.

Related Tags

T-bills Michael Ricafort Bureau of the Treasury
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