The national government made a partial award of the short-term IOUs it had offered on Monday, July 10, as interest rates moved sideways.

The Bureau of the Treasury held an auction for Treasury bills (T-bills), raising P14.417 billion out of the P15-billion program. The total bids received amounted to P27.56 billion.

The Treasury raised the planned amount of P5 billion through the 91-day T-bills, with total bids for this maturity reaching P11.128 billion. The average interest rate for the three-month papers decreased from 6.150 percent the previous week to 5.973 percent.

Furthermore, the government fully awarded P5 billion worth of the 182-day securities, as the total bids received amounted to P8.328 billion. The average interest rate for the six-month T-bill remained unchanged from the previous week, standing at 6.266 percent.

Nevertheless, the Treasury only managed to raise P4.417 billion from the 364-day debt papers, falling short of the P5 billion target set for the auction. Demand for the one-year tenor reached P8.104 billion.

The average interest rate for the one-year debt papers slightly increased to 6.339 percent, compared to the 6.286 percent fetched in the previous week.

According to the Treasury's data based on PHP Bloomberg Valuation Reference Rates, the 91-day, 182-day, and 364-day T-bills were quoted at 6.109 percent, 6.182 percent, and 6.218 percent, respectively, in the secondary market prior to Monday's auction.