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T-bill rates up anew

The treasury bill (T-bill) rates rose anew yesterday as investors continued to factor in the elevated domestic inflation rate.

The average rate of the 91-day paper rose to 1.336 percent, the 182-day to 1.718 percent, and the 364-day to 1.997 percent.

These were at 1.232 percent, 1.527 percent, and 1.990 percent for the 91-, 182-, and 364-day T-bills during the auction last March 15.

 “Rates continue to creep with lingering concerns on higher inflation,” National Treasurer Rosalia de Leon told reporters.

The domestic rate of price increases is on the uptrend since the last quarter of 2020. It surpassed the government’s 2-4 percent target band until 2021 last January when it accelerated to 4.2 percent.

Last month, it further rose to 4.7 percent, bringing the two-month average to 4.5 percent.

Despite the elevated inflation rate, demand for government papers remains, with all of the tenors oversubscribed and fully awarded during the auction.

The Bureau of the Treasury (BTr) offered the three-month paper for P5 billion and tenders reached P12.572 billion.

Bids for the six-month paper reached P22.638 billion, more than fourfold the P5-billion offer.

Tenders for the one-year paper amounted to P28.798 billion, nearly thrice the P10-billion offer.

The BTr offered the one-year paper for P5 billion through the tap facility window after the auction to provide for additional demand from investors.*PNA

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