THE Bureau of Treasury (BTr) has increased the rates for 91-day and 364-day Treasury bills (T-bills) while cutting rate for the 182-day security.
In an auction on Monday, the BTr hiked rates for 91-day T-bill at 1.674 percent, an increment of 12.3 basis points from previous rate of 1.551 percent.
The 91-day debt paper offered at PHP8 billion was oversubscribed with total tenders amounting to PHP9.522 billion.
The auction committee however decided to only accept PHP5.802 billion of the total tenders and rejected the remaining PHP3.72 billion.
Bid rate for 364-day T-bill likewise increased by 8.7 basis points to 1.866 percent from 1.779 percent rate in the previous auction.
The BTr will fully award the 364-day T-bill offered at PHP6 billion. The 364-day T-bill was also oversubscribed with tenders amounting to PHP10.69 billion.
Meanwhile, rate for 182-day T-bill was trimmed to 1.650 percent —down by 10.8 basis points from its previous rate of 1.758 percent.
The debt paper has fetched bids amounting to PHP12.96 billion. The 182-day T-bill was offered at PHP6 billion.
“Bid rates were below secondary market benchmarks but the decision to limit the acceptance of bids took into account market cautiousness which sharply drove up rates for the 91-day security,” the BTr noted.