Gov’t set to bor­row P190B in April


SMPH P31.000 Value P665,785,685 P4.000 14.815%

SM P845.000 Value P636,822,200 P45.000 5.625%

THE govern­ment has set a P190-bil­lion bor­row­ing pro­gram for April focused on short-term tenors, even rein­tro­duc­ing a 35-day term, as in­vestors shun se­cu­ri­ties with longer ma­tu­ri­ties amid on­go­ing un­cer­tain­ties.

In a mem­o­ran­dum is­sued Thurs­day, the Bureau of the Trea­sury (BTr) said next month’s bor­row­ing plan will con­sist of P130 bil­lion in Trea­sury bills (T-bills)

ALI Value P1.600

P32.300 P553,662,170 5.212%

BDO Value P15.700

P115.700 P515,572,562 15.700% and P60 bil­lion in Trea­sury bonds (Tbonds).

The April bor­row­ing plan is a de­par­ture from the usual quar­terly pro­gram re­leased by the Trea­sury. The BTr said they want to as­sess de­vel­op­ments as they go along as the mar­ket is filled with un­cer­tainty due to the coro­n­avirus dis­ease 2019 (COVID-19) pan­demic.

AC P482.000 Value P467,900,326 P22.000 4.783%

MBT P36.100 Value P462,969,130 P0.200 0.557%

“Sit­u­a­tion is still fluid. We will mon­i­tor de­vel­op­ments and as­sess [the] results of our auc­tions in April to de­ter­mine if full is­suance pro­gram for sec­ond quar­ter can be re­leased,” Na­tional Trea­surer Ros­alia V. de Leon told re­porters via Viber yes­ter­day.

Ms. De Leon said the BTr has of­fered the 35-day pa­pers in the past, ad­ding that its plan to auc­tion off this tenor

URC Value P0.600

P99.000 P450,739,210 0.610%

TEL Value P95.000

P1,066.000 P375,402,115 9.784% next month is meant to ac­com­mo­date a shift in demand from the cen­tral bank’s term de­posit fa­cil­ity (TDF), which was sus­pended last week.

“BSP sus­pended TDF. The 35-day bill pro­vides out­let for in­vestors while at the same time pro­vides funds for our short­term re­quire­ments,” she said.

Bro­ken down, the govern­ment will of­fer T-bills ev­ery Mon­day, bro­ken down

JFC Value P3.750

P102.200 P329,083,271 3.809%

GLO P1,930.000 Value P235,862,070 P90.000 4.891% into P10 bil­lion for the 91-day tenor and P5 bil­lion each for 182- and 364-day T-bills, while the 35-day tenor will be auc­tioned off fort­nightly at P15 bil­lion each.

For the T-bonds, the Trea­sury will auc­tion off P30 bil­lion in one-year se­cu­ri­ties on April 14, and an­other P30 bil­lion in two-year bonds on April 28.

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