Similar to its trend week-ago, rates for the Bureau of Treasury’s (BTr) Treasury bills (T-bills) continue to rise across the board coupled with the still robust demand for the IOU.
National Treasurer Rosalia de Leon attributed the sustained increase in T-bill rates to the market’s higher inflation expectations in the near-term.
“Rates continue to creep with lingering concerns on higher inflation. (We) opened tap for P5 billion for the (364-day benchmark),” De Leon explained.
De Leon earlier said that supply-side constraints likewise pushed rates as oil prices continue to accelerate.
Rates for both the 91- and 182-day benchmarks stood 1.336 and 1.718 percent, respectively, a 10.4 and 19.1 basis point increase from the posted 1.232 and 1.527 percent week-ago.
Likewise, yield for the 364-day tenor fetched an average of 1.997 percent, 0.7 basis point uptick from the registered 1.990 percent in the same comparable period.
The BTr was able to raise its full P20 billion offer after attracting P64 billion worth of bids, oversubscribing the original amount by more than thrice.