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Manila Bulletin devider Business devider Gov't borrows P15 B from domestic market

Gov't borrows P15 B from domestic market

Published Jan 29, 2024 09:02 am

At A Glance

  • The national government fully borrowed funds through short-term loans.<br>The Bureau of the Treasury awarded a total of P15 billion as planned. Demand for three-month, six-month, and 12-month IOUs reached P38.137 billion.<br>The interest rate for 91-day Treasury bills averaged at 5.398 percent. P5 billion in notes were raised despite the increase in interest rates.<br>The yield for the 182-day T-bills also slightly increased to 5.810 percent.<br>The interest rate for 364-day T-bills inched up to 6.076 percent. The Treasury bureau secured P5 billion in loans with total tenders amounting to P14.307 billion.

The government successfully raised funds through the sale of short-term debt papers despite higher interest rates caused by recent volatility in the US dollar and peso.

The 91-day Treasury bill saw an increase to an average of 5.398 percent compared to the previous week's 5.306 percent, yet the government still managed to raise P5 billion, with total tenders reaching P11.460 billion.

At the secondary market, the yield on the three-month bill is higher at 5.422 percent, based on PHP Bloomberg Valuation Reference Rates data.

Likewise, the yield for the 182-day T-bill inched up to 5.810 percent from the previous 5.766 percent as investors were willing to buy P12.370 billion of the six-month IOUs. The government awarded only P5 billion.

This is higher compared to the 5.751 percent quoted at the secondary market.

The interest rate for the 364-day T-bill also increased from 6.037 percent to 6.076 percent in the previous week. It is also higher than the 6.041 percent in the secondary market.

As a result, the Treasury bureau secured P5 billion in loans, with total tenders amounting to P14.307 billion.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said that yields went up after a change in the US dollar and peso exchange rate amid the political noises over the weekend.

He also cited the retail treasury bonds (RTBs) offering in the first quarter of 2024 that would mean more supply of RTBs and government securities in the market.

“Though (the RTB offering) would match the large, PHP700 billion maturing RTBs in early March 2024,” he added.

Earlier, the Department of Finance said that it plans to borrow a total of P2.46 trillion from local and foreign lenders this year.
 

Related Tags

Treasury bills T-bills government borrowing Bureau of the Treasury
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