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T-bill rates down as market awaits softer inflation data

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T-bill rates fell across the board on Monday on expectations of lower September inflation, such that the Bureau of the Treasury raised P22 billion from short-dated IOUs. | bendeveraINQ

The P10 billion in 364-day T-bills fetched an annual rate of 1.8 percent, down from 1.858 percent during the previous auction.

Across the three tenors, tenders totaled P98.9 billion, making the auction oversubscribed by 4.9 times. Out of the 11 economists who responded to the Inquirer’s poll last week, seven projec­ted a slower rate of increase in prices of basic commodities last month compared with the 2.4 percent year-on-year recorded in August, which they attribu­ted to lower food and fuel prices.

Six economists shared the same projection of 2.3 percent: University of Asia and the Pacific’s Victor A. Abola, HSBC’s Noelan Arbis, Union Bank of the Philippines’ Ruben Carlo O. Asuncion, Sun Life Financial’s Patrick M. Ella, ING Bank’s Nicholas Antonio T. Mapa and ANZ Bank’s Sanjay Mathur.

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