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T-bill rates rise across the board |
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by Donnabelle Gatdula
The Philippine Star 08/09/2005 The 91-day Treasury bill (T-bill) yield, used as a benchmark for loan rates, rose to 5.622 percent at yesterday’s auction from 5.589 percent last week. The 182-day yield increased to 7.455 percent from 7.397 percent on Aug. 1 and the 364-day yield rose to 8.433 percent from 8.397 percent. Banks and other investors offered to buy P13.3 billion of securities, helping the government sell all P6 billion of bills on sale. National Treasurer Omar Cruz said the slight increase was due to expectations that the government would be able to keep the country’s budget deficit within target. As of July this year, Cruz said the government’s overall revenues are "very close and very much within our internal targets." Unlike last week when tenders reached P6 billion, this week’s highest bid was only P5.75 billion. With the continued improvement in rates, finance officials are now reviewing the possibility of reentering the international financial market. The National Government plans to raise up to $850 million from the international bonds market. Out of the P3.475 billion worth of bid applications for 91-day T-bills, the government accepted only P2 billion. The government accepted only P2 billion out of the P4.11 billion total tenders for 182-day T-bills while the longer-term government securities 364-day received the highest bid of P5.75 billion. |
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