THE Bureau of the Treasury fully awarded P15-billion in Treasury Bills as rates declined while investors await rate-hike cues from the US Federal Reserve.
Such stance has led to a “strong bias for short term tenors,” which was “seen in the auction with sharp reduction on rates.” She also said they will also be considering the outcome of the Fed meeting in formulating the domestic borrowing program for February. The preference for shorter tenors in Monday’s auction pushed rates for the 91-day T-bills lower at a 0.693-percent average rate, an 18.2 basis-point-drop from the previous auction’s 0.875 percent. The tenor attracted P27.98 billion in bids, equivalent to more than five times the P5-billion offering.
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