T-bills climb across the board
MANILA, Philippines - Treasury bill rates climbed across the board as investors continued to show their preference for long-term government securities.
The bellwether 91-day rate reached an average of 1.416 percent in Monday’s monthly auction, rising by 11.8 basis points from 1.298 percent in November. Tenders reached P10.915 billion or 36.4 percent more than the P8 billion on program.
The rate for the 182-day T-bill likewise rose 11.7 basis points to an average of 1.771 percent with total bids hitting P12.665 billion or more than double the planned offering.
The rate for the 364-day debt paper inched up 6.8 basis points to 1.836 percent. Total bids amounted to P12.4 billion or more than twice the government offer of P6 billion.
The government raised P20 billion from the sale of government securities.
National treasurer Rosalia De Leon said while the rates increased, these were still lower than those prevailing in the secondary market.
De Leon said that the increase in rates was already expected.
With investors leaning toward the longer-term of the curve, the government is looking to offer bonds with a longer tenor when it returns to the offshore debt market early next year.
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