THE national government opened its domestic borrowing program this month on a high note as it raised the full P15 billion from the sale of Treasury bills (T-bills) on the back of easing yields sought by investors. The Bureau of the Treasury (BTr) made a full award of all tenors…
THE national government opened its domestic borrowing program this month on a high note as it raised the full P15 billion from the sale of Treasury bills on the back of easing yields sought by investors.The auction was oversubscribed by 3.17 times as investors’ total bids reached P47.56 billion with the 364-day T-bills fetching the most offers.
The 91-day T-bills fetched yields ranging from 5.5 percent to 5.6 percent with its average rate settling at 5.552 percent. The same debt paper had an average yield of 5.573 percent last week and a current secondary market rate of 5.708 percent. “Treasury bill auction yields also eased after Fed fund futures now priced in no more Fed rate hike or pause for the rest of 2023 ,” Ricafort said in an e-mail interview.
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