Philippine Treasury bill auction draws partial award as yields rise on rate hike bets
The Philippine government borrows less than planned at its latest Treasury bill auction as investors demand higher returns amid intensifying inflation concerns. The Bureau of the Treasury raises P39.917 billion, below its P45-billion target, after September inflation reaches a more than three-year high and strengthens expectations of further central bank tightening.
Highlights
- Bureau of the Treasury raises P39.917 billion versus a P45-billion target at Monday’s T-bill auction, partially awarding 91- and 182-day bills.
- 91-day and 182-day T-bills fetch higher average yields of 5.845% and 6.171%, up 17.8 and 20 basis points from the prior week, reflecting rising rate hike expectations.
- Full P10-billion offering awarded for 364-day bills at 6.351% average yield, up 13.7 basis points, as accepted rates exceed secondary market references.
Auction results reflect higher yield demands
As reported by BusinessWorld Online, the Bureau of the Treasury partially awards the 91-day and 182-day Treasury bills at Monday’s auction to cap accepted yields, even as total tenders reach P61.232 billion. The government raises P39.917 billion in total, below its P45-billion target and also below the stronger demand seen in the previous week’s offer.The Treasury raises P16.94 billion from the 91-day bills, short of the P20-billion plan, as bids for the tenor reach P22.1 billion. The average rate climbs 17.8 basis points to 5.845% from 5.667% last week, with accepted yields ranging from 5.74% to 5.9%.
For the 182-day papers, the government borrows P12.987 billion, below the P15-billion program, although tenders total P21.787 billion. The six-month bill fetches an average yield of 6.171%, up 20 basis points from 5.971%, while accepted rates range from 6% to 6.25%.
The Bureau of the Treasury sells its full P10-billion target in 364-day bills after bids reach P17.345 billion. The average rate on the one-year paper rises 13.7 basis points to 6.351% from 6.214%, with accepted bid yields between 6.175% and 6.443%.
Before the auction, secondary market reference rates stand at 5.7615% for 91-day bills, 6.092% for 182-day bills and 6.2081% for 364-day bills, based on PHP Bloomberg Valuation Service Reference Rates data from the Treasury.
Metrobank’s bond-market rankings highlighted the bank’s leadership in Philippine local-currency bonds and G3 bonds, underscoring strong trading and portfolio-management capabilities across peso and major global-currency debt. Our earlier report also noted individual recognitions within Metrobank’s trust and trading teams, pointing to deep market expertise as activity in Philippine fixed income remains competitive.
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