The Bureau of the Treasury fully awarded P25 billion as rates for three-and six-month IOUs rose, while one-year yield slightly dropped.

The benchmark 91-day Treasury bills fetched an average rate of 1.325 percent, up from 1.295 percent last week, while the 182-day T-bills averaged at 1.695 percent, also higher compared with 1.646 a week earlier.

On the other hand, the 364-day T-bills settled at 1.903 percent, down from 1.912 percent last April 5.

Across the three tenors, bids totalled P54.7 billion, making the auction more than two-times oversubscribed than the P25 billion offer.

 National Treasurer Rosalia de Leon said this week’s borrowing received “good results and healthy tender” due to the lower-than-expected inflation in March. She added that this week’s interest rates were within the secondary market levels.

Source: Manila Bulletin (