The government opted for a partial award of the P15 billion worth of Treasury bills (T-bills) on offer on Monday, July 2, with yields rising on the longer tenors as the market priced in their expectations on the inflation and another rate hike from the local central bank.
The Bureau of the Treasury borrowed only P11.9 billion during its Monday T-bills auction, falling short of the P15 billion it intended to borrow.
Total tenders reached P26.5 billion during the auction on Monday, climbing from the P20.3 billion tallied during the previous offer. — Karl Angelo N. Vidal