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Borrowing rates for short-dated T-bills rose across the board on Monday, May 5, but it didn't stop the Bureau of the Treasury (BTr) from raising the ₱25 billion it sought to borrow.
In a statement, the BTr said it awarded ₱8 billion in the benchmark 91-day treasury bills at 5.573 percent, up 2.7 basis points (bps) from 5.546 percent last week.
For the also ₱8 billion in 182-day IOUs, government securities eligible dealers' (GSEDs) average bid rates rose by 1.2 bps to 5.667 percent from 5.655 percent at last week's auction.
The ₱9 billion in 364-day debt paper, meanwhile, fetched an annual rate of 5.697 percent, 0.9-bp higher than the 5.688 percent a week ago.
Demand was strong across the three tenors, as domestic creditors tendered a total of ₱74.2 billion, making the auction nearly thrice oversubscribed.
The BTr is scheduled to borrow ₱30 billion from reissued fixed-rate treasury bonds, maturing in seven years and four months' time, on Tuesday, May 6.
Interest rates here and abroad are anticipated to rise as the tariffs imposed by United States (US) President Donald Trump on imports into America are expected to stoke US inflation, pushing borrowing costs up.
The Philippines sources about four-fifths of its annual financing requirements from the local debt market, which remains awash in cash.
