Gov't raises T-bill award to P28.4B as bids surge

THE GOVERNMENT upsized the award of Treasury bills (T-bills) it auctioned off on Monday, with yields mostly inching up after June inflation slightly picked up but remained below target.

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The Bureau of the Treasury (BTr) raised P28.4 billion from the T-bills, more than the P25-billion plan as the offer was more than thrice oversubscribed, with total bids reaching P87.486 billion. This was also higher than the P56.84 billion in tenders on June 30.

The BTr sold P7 billion as planned in 91-day T-bills as total tenders reached P30.547 billion. The three-month paper was quoted at an average of 5.526%, steady from the previous auction, with bids accepted having yields of 5.515% to 5.535%.

Meanwhile, the government raised P11.9 billion from the 182-day securities, above the P8.5-billion program, as bids reached P33.685 billion. Strong demand prompted the BTr to double the accepted noncompetitive bids to P6.8 billion, it said in a statement after the auction.