T-bill bids rejected as market asks for higher rates - BusinessWorld Online

📆 31/08/2022 01:45 a. m.
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THE BUREAU of the Treasury (BTr) rejected all bids for its offer of Treasury bills (T-bills) as investors asked for higher yields as the US Federal Reserve chief said US rates could remain elevated for longer. READ

The BTr did not award any T-bills on Tuesday even as tenders reached P17.289 billion, higher than the BTr’s plan to raise P15 billion through the short-term papers.

Lastly, the government turned down all tenders for the 364-day debt paper as demand stood at only P2.934 billion, below the P5-billion offer. Had the Treasury accepted these bids, the average yield on the one-year instrument would have jumped by 61.7 bps to 4.399% from the 3.782% fetched previously. “The Auction Committee decided to reject all bids for the Treasury bills as rates increased and trended above secondary market levels across all tenors,” the Treasury said in a statement.

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