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Manila Bulletin devider Business devider Goverment's short-term borrowing costs move sideways

Goverment's short-term borrowing costs move sideways

Published Jun 10, 2024 09:02 am

The national government successfully sold its short-term debt papers as most benchmark yields fell after rising for two-straight weeks.

On Monday, June 10, the Bureau of the Treasury executed its auction by fully awarding P15 billion worth of Treasury bills, with a total demand of P42.385 billion, nearly three times higher than the total offering.

The yield on the bellwether 91-day Treasury bill dropped to 5.667 percent from 5.698 percent at the previous sale.

Likewise, the 364-day rate dropped to 6.039 percent from 6.046 percent previously.

However, the 182-day T-bill rate increased, up to 5.908 percent from 5.904 percent previously.

In the secondary market, yields are higher with the three-month bill standing at 5.704 percent, the six-month bill at 6.000 percent, and the 12-month bill at 6.081 percent, based on the Bloomberg Valuation Service (BVAL) rates.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), said that this may be attributed to the reduced rice import tariffs to 15 percent from 35 percent that could help reduce overall inflation and help support possible local policy rate cuts in the coming months.

He also cited the slower-than-expected May inflation data at 3.9 percent in May 2024, which was within the central bank’s 3 to 4 percent target for the sixth straight month.
 

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Treasury bills T-bills Bureau of the Treasury
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