The Bureau of the Treasury (BTr) fully awarded bids for Treasury bills (T-bills) during Monday's auction.

The 90-, 182-, and 364-day T-bills fetched average rates of 5.772 percent, 5.966 percent, and 6.087 percent, respectively, slightly lower than last week's average auction yield.

Last week, the 90-, 182-, and 364-day T-bills average rate was at 5.778 percent, 5.995 percent, and 6.100 percent.

The auction was 3.4 times oversubscribed, attracting P50.7 billion in total tenders.

The BTr raised the full program of P15 billion for the auction. 

Rizal Commercial Banking Corporation chief economist Michael Ricafort said T-bills average auction yield corrected slightly lower for the first week, after rising for 11 straight weeks.

Ricafort said this is "amid large maturities of Retail Treasury Bonds worth about P700 billion from March 9-12, 2024 that would increase peso liquidity in the financial system some of which would [be] reinvested in government securities (GS) in the market, thereby could lead to lower GS yields."

"T-bill auction yields also corrected slightly lower after more dovish signals from Fed Chair Powell and other Fed officials recently on possible Fed rate cuts later this year with high odds of Fed rate cuts over the past two weeks," he said.