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T-bill rates sustain decline

Treasury bill rates declined on the back of continued strong demand for government securities and the high liquidity environment.

The rate of the 91-day paper declined to 0.969 percent, the 182-day to 1.323 percent and the 364-day to 1.542 percent Monday.

These were at 0.984 percent, 1.348 percent and 1.582 percent for the three-month, six-month, and one-year paper during the auction last Jan. 18.

The Bureau of the Treasury offered the shortest tenor for P5 billion and the auction committee made a full award. Total bids reached P17.33 billion.

The six-month paper was initially offered for P5 billion but the auction committee doubled the non-competitive bids, resulting in the total award of P7 billion. Total tenders amounted to P31.527 billion.

The one-year paper was fully-awarded at P10 billion after total tenders reached P63.355 billion.

National Treasurer Rosalia de Leon said they opened the tap facility during the day to offer the one-year paper for additional P10 billion.

Data released by the BTr showed it fully awarded the P10-billion offering through the tap facility. Total bids reached P33.172 billion.

“Market (is) overflowing with liquidity with bias on (the) front end of (the) curve,” De Leon added.