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Treasury bill rates rise across the board |
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(02 February 2004, Monday - Philippine Daily Inquirer)
TREASURY bill rates rose across the board at Monday's auction, with the government awarding in full its 91-day bill issue and partially its 182-day and 364-day bills, the Bureau of Treasury said. |
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National Treasurer Sergio Edeza blamed political concerns for the market's high bids, which he said might persist.
The rate on 91-day bills, which banks use as benchmark to price loans, averaged 6.216 percent, compared with 6.16 percent at the previous auction. The government awarded all three billion pesos' worth of 92-day bills on offer against tenders totaling 6.005 billion pesos. The average rate for the 182-day bill rose to 7.546 percent from 7.331 percent previously on a partial award worth 3.360 billion pesos against an offer of 3.5 billion. Tenders totaled 5.47 billion. The 364-day rate averaged 8.384 percent, versus 8.18 percent previously, on a partial award of 3.275 billion pesos against an offer of 4.5 billion. Tenders totaled 4.19 billion pesos. "The market is nervous because of a lot of news on the political side," Edeza told reporters after the auction. "We have to let the rates move up so the pressure will not remain." Pre-election political and security jitters, combined with the recent downgrade of the country's sovereign ratings by Moody's Investors Service, pulled down the peso last week to its lowest level ever of 56.22 to the dollar, during trading on Thursday. Edeza would not say that Monday's rise in T-bill rates was the start of a trend, although he said the market's apprehension would likely continue. "It may trigger an uptick in interest rates from time to time," he said. home | latest news |
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