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Manila Bulletin devider Business devider Banking & Finance devider Short-term debt paper yields surge anew

Short-term debt paper yields surge anew

Published Aug 14, 2023 09:51 am

At A Glance

  • The government fell short of its P15 billion target in a Treasury bill auction, raising only P12.185 billion. Total bids received amounted to P49.435 billion.<br>The government raised only P3.83 billion for 182-day securities despite bids reaching P13.36 billion. The average interest rate rose to 5.945 percent.<br>The sale of one-year T-bills generated P3.355 billion despite bids of P13.36 billion. Interest rate for one-year papers increased to 6.325 percent.<br>The Treasury successfully raised P5 billion through the sale of 91-day debt papers. Total tenders for the one-year tenor reached P16.307 billion.

The national government failed to sell all of its short-term debt papers as banks demanded higher returns.

On Monday, Aug. 14, the Bureau of the Treasury held an auction for Treasury bills (T-bills) but fell short of its intended goal of raising P15 billion, managing only P12.185 billion in funds.

The total bids received during the auction amounted to P49.435 billion.

Specifically, the government fell short of its planned target by raising only P3.83 billion for the 182-day securities, despite total bids reaching P13.36 billion.

The average interest rate for the six-month T-bills experienced a rise to 5.945 percent, compared to the previous week's rate of 5.990 percent.

Moreover, the sale of one-year T-bills generated only P3.355 billion, despite a significant surge in bids reaching P13.36 billion.

The average interest rate for the one-year papers saw an increase to 6.325 percent from the previous week's rate of 6.292 percent.

Meanwhile, the Treasury successfully met its target by raising P5 billion through the sale of the 91-day debt papers. Total tenders for the one-year tenor reached P16.307 billion.

The average three-month IOUs, however, increased to 5.704 percent, up from the previous week's rate of 5.598 percent.

Before Monday's auction, the PHP Bloomberg Valuation Reference Rates indicated that the secondary market quoted the 91-day, 182-day, and 364-day T-bills at 5.858 percent, 6.055 percent, and 6/276 percent, respectively.

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