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

The 91-, 182-, and 364-day T-bills fetched average rates of 5.318 percent, 5.662 percent, and 5.780 percent, respectively.

The auction was 2.6 times oversubscribed, attracting P56.3 billion in total tenders. With its decision, the BTr raised the full program of P22 billion for the auction. 

The comparative PHP Bloomberg Valuation Service yield, meanwhile, settled at 5.158 percent for the three-month tenor, 5.564 percent for the six-month tenor, and 5.743 percent for the one-year tenor.

Rizal Commercial Banking Corporation chief economist Michael Ricafort said Treasury bills average auction yields corrected slightly higher for the second straight week following the Bangko Sentral ng Pilipinas' decision to maintain policy rates.

"T-bill auction yields are now mostly unusually slightly higher vs. the comparable short-term PHP BVAL yields," he said.

BTR PHOTO