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

The 91-, 182-, and 364-day T-bills fetched average rates of 5.128 percent, 5.562 percent, and 5.726 percent, respectively.

The auction was 2.3 times oversubscribed, attracting P50.1 billion in total tenders.

With its decision, the Committee raised the full program of P22 billion for the auction.

Rizal Commercial Banking Corporation chief economist Michael Ricafort said T-bills average auction yields corrected mostly slightly higher, after declining for five straight weeks, ahead of the widely expected 0.25 basis points Bangko Sentral ng Pilipinas rate cut this week. 

The comparable PHP BVAL yield was at 5.170 percent for the three-month tenor, 5.496 percent for the six-month tenor, and 5.720 percent for the one-year tenor.

"Treasury bill average auction yields also corrected slightly higher after some increased market demand for long-term local government securities," said Ricafort.

PNA PHOTO