The average yield on the benchmark 90-day Treasury bills dropped by 38.7 basis points to 5.224 percent from 5.611 percent, amid mixed results in the auction held July 31.
“The total tenders reached P45.1 billion, thrice the P15 billion offering,” the BTr said in a statement.Further, the results were also mixed when compared with prevailing rates at the secondary market.
At the Bloomberg Valuation Service , the yield on the three month bill was 49.6 bps higher at 5.7 percent. Also, the yield on the six-month bill was 14.6 bps higher at 5.935 percent.Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said T-bill auction rates followed the trend of BVAL yields.
Ricafort said this happened ahead of the announcement of the Philippine inflation readout for July, which is expected to ease further due to higher base effects.Your subscription has been successful.
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