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Manila Bulletin devider Business devider Treasury borrows at higher yields after 'Carina'

Treasury borrows at higher yields after 'Carina'

Published Jul 29, 2024 10:10 am

Yields on short-term debts rose again following the damages caused by Typhoon Carina, which could lead to an inflation uptick.

During an auction on Monday, July 29, the Bureau of the Treasury raised the full-programmed P20 billion. The total bids received during the auction amounted to P36 billion

The government met its intended goal for the 91-day securities, raising P6.5 billion while the bids reached P12.010 billion.

The average interest rate for the three-month T-bills rose to 5.779 percent, compared to 5.743 percent the previous week.

Similarly, the average rate for the benchmark 182-day IOUs increased to 6.014 percent from 5.991 percent in the previous weekly auction.

The government also sold P6.5 billion worth of six-month papers as planned, with total bids reaching P12.120 billion.

Likewise, the average yield on the 364-day T-bills posted an increase of  6.108 percent from 6.081 percent.

The government was able to allocate the full amount of P7 billion for the one-year securities, with total demands reaching P11.860 billion.

In the Bloomberg Valuation Service (BVAL), the yield on the three-month bill was lower at 5.729 percent, while the yield on the six-month bill stood at 6.039 percent.

The average rate for the 12-month bill was higher in the secondary market at 6.158 percent.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), said that in addition to the damages caused by the typhoon, the higher interest rates could also be attributed to possible local policy rate cuts by August and Fed rate cuts later this year.
 

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T-bills Treasury bill Bureau of the Treasury
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