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Manila Bulletin devider Business devider Short-term loan yields continue to decline

Short-term loan yields continue to decline

Published May 6, 2024 09:45 am

Benchmark interest rates returned their slide after the recent downward correction in US Treasury yields.

At Monday's auction, May 6, the 91-day Treasury bill rate, which banks use in pricing their loans, went down to 5.780 percent from 5.869 percent in the last auction.

Likewise, the yield for the 182-day T-bill slightly declined to 5.930 percent from 5.988 percent, while the 364-day rate slid to 6.056 percent from 6.081 percent previously.

The Treasury bureau accepted the programmed P15 billion worth of bids. Investors were willing to buy more, as tenders reached P52.947 billion.

Before Monday's auction, the PHP Bloomberg Valuation Reference Rates showed that the 91-day, 182-day, and 364-day T-bills stood at 5.78 percent, 5.93 percent, and 6.056 percent, respectively, in the secondary market.

Yields for T-bills fell after after global crude oil prices corrected to new 1.5-month lows amid easing Israel-Iran tensions for more than 2 weeks already, said Michael L. Ricafort, Rizal Commercial Banking Corp. chief economist.

He also cited the US dollar and peso 2-week lows recently, which could help ease inflationary pressures; a day before the latest local inflation data.
 

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T-bills Treasury bill Bureau of the Treasury
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