THE GOVERNMENT partially awarded the Treasury bills (T-bills) it auctioned off on Monday as investors asked for higher yields on expectations of faster November inflation, which could lead to another big rate hike from the central bank next week.
The Bureau of the Treasury raised just P7.1 billion from the T-bills it auctioned off on Monday, lower than the P15-billion program, even as bids reached P29.296 billion.
Lastly, the BTr fully rejected all bids for the 364-day debt papers, with demand reaching just P3.99 billion, lower than the P5 billion on the auction block. Had the government awarded these bids, the average rate of the one-year paper would have gone up by 62.6 bps to 5.776% from 5.15% last week, with accepted yields ranging from 5.198% to 6.425%.
“The auction was almost twice oversubscribed, attracting P29.3 billion in total tenders. With its decision, the committee was able to raise P7.1 billion of the P15 billion oA trader said in a text message that the auction result was “kind of surprising” as there was not enough interest, even with several maturities due this week that will free up liquidity.ation data,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
Fed Chair Jerome H. Powell last week signaled it was time to slow the pace of upcoming rate increases. The US central bank now widely expected to raise rates by just 50 bps in its last policy meeting for the year to be held on Dec. 13-14 following four straight 75-bp hikes.
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