T-bills fully sold; 91-day at 1.086%

The Bureau of the Treasury fully awarded bids for short-term IOUs at yesterday’s auction. The 91-, 182-, and 364-day Treasury bills fetched average rates of 1.086 percent, 1.597 percent, and 1.793 percent, respectively. Yields dropped across the board at the auction and below secondary market benchmark rates. The auction was also oversubscribed with total bids reaching ₱69 billion, more than three-times the ₱20-billion offering. National Treasurer Rosalia de Leon said local liquidity remained strong. “Looking for redeployment outlets with interest rates on the front end of the curve,” de Leon told reporters. The Treasury opened its tap facility for additional ₱5 billion in one-year notes. (Chino S. Leyco)