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Manila Bulletin devider Business devider Treasury makes partial borrowing amid record RTB sale

Treasury makes partial borrowing amid record RTB sale

Published Feb 26, 2024 06:41 am

At A Glance

  • The Bureau of the Treasury made a partial award of P14.8 billion on short-term debt papers, falling short of its P15 billion target.
  • In particular, the government raised only P4.8 billion for the 182-day securities with total bids reaching P12.410 billion. The average interest rate for six-month T-bills increased to 5.971 percent.
  • The average rate for the benchmark 91-day IOUs rose to 5.710 percent. The government successfully sold P5 billion worth of three-month papers as planned.
  • The average yield on the 364-day T-bills increased to 6.085 percent. The government successfully awarded P5 billion for the one-year securities.

The national government fell short anew in making a full award of the short-term debt papers following the record-high P585 billion retail treasury bond issuance.

The Bureau of the Treasury during an auction on Monday, February 26, partially borrowed P14.8 billion through the sale of Treasury bills (T-bills), lower than the programmed P15 billion. Total demands reached P35.770 billion.

The Treasury particularly failed to raise the P5 billion offer for the 182-day securities, only allocating P4.8 billion despite demands of P12.410 billion.

The average interest rate for the six-month T-bills rose to 5.971 percent from the 5.927 percent during last week’s auction.

Meanwhile, at the Bloomberg Valuation Service (BVAL), the yield on the six-month bill was lower at 5.904 percent.

The government borrowed P5 billion worth of 91-day T-bills as planned, with total bids reaching P8.120 billion.

The average yield on the three-month short-term loans inched up to 5.710 percent from 5.592 percent; also higher than the 5.622 percent at the secondary market.

Lastly, the Treasury raised the programmed P5 billion for the 364-day securities as total demands hitting P15.240 billion.

The average rate on the one-year T-bills inched up to 6.085 percent from 6.079 percent, while it was 6.123 percent in the BVAL.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said that the RTB higher-than-target RTB issuance could mop up some of the excess peso liquidity in the financial system which would lead to an increase in the government securities in the market.

“T-bill yields also continue to go up slightly after lower odds of Fed rate cuts priced in by the markets in 2024 amid cautious stance by most Fed officials recently in making sure that U.S. inflation is moving towards the Fed’s 2 percent target,” he added.

Related Tags

Treasury bills government borrowings T-bills Bureau of the Treasury
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