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Manila Bulletin devider Business devider Banking & Finance devider Treasury borrows P20 billion locally at higher interest rates

Treasury borrows P20 billion locally at higher interest rates

Published Jul 8, 2024 08:27 am

The national government raised P20 billion at higher rates from the auction of Treasury bills (T-bills).

At an auction on Monday, July 8, the Bureau of Treasury made a full award of the T-bills as planned as total bids reached P43.815 billion, more than twice the total offering.

The Treasury made a total P6.5-billion award of the 91-day T-bills as tenders for the tenor reached P14.810 billion.

The three-month paper was quoted at an average rate of 5.698 percent, above the 5.686 percent in the previous auction last week.

The government also raised P6.5 billion from the 182-day securities as bids for the tenor reached P15.560 billion.

The six-month T-bill average rate was 5.968 percent from 5.959 percent last week.

Lastly, the Treasury borrowed the programmed P7 billion through the 364-day debt papers as demand for the tenor stood at P13.445 billion.

The average rate of the one-year T-bill also increased to 6.073 percent from the 6.050 percent in the previous auction.

At the secondary market before Monday’s auction, the 91-, 182- and 364-day T-bills were quoted at 5.715 percent, 5.967 percent, and 6.085 percent, respectively, based on PHP Bloomberg Valuation Reference Rates data.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said that policy cut signals led to more investor demand for longer-term bonds to lock in relatively higher interest rates before policy cuts happen.

“This could also be partly due to the latest +PHP35 or +5.7% increase in minimum wage in Metro Manila; though offset by the tariff cut on imported rice to 15 percent (from 35 percent) and the latest slower-than-expected 3.7% inflation in June 2024,” Ricafort added.

Related Tags

Treasury bills T-bills Bureau of the Treasury
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