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T-bill rates fall below 2% after surprise BSP rate cut

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Treasury bill rates fell below 2 percent on Monday following the Bangko Sentral ng Pilipinas’ surprise and hefty interest rate cut last week that sent investors flocking to the auction of government securities.

The Bureau of the Treasury awarded P7 billion in the benchmark 91-day bills at an average of 1.746 percent, down from 2.068 percent last week. The Treasury also sold P5 billion in 182-day debt paper at 1.892 percent, down from 2.159 percent. The P14 billion in 364-day IOUs fetched an annual rate of 1.98 percent, down from 2.408 percent.National Treasurer Rosalia V.

The Treasury doubled the noncompetitive bids it accepted for the three-month and one-year securities to P4 billion and P8 billion, respectively.

 

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