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T-bill rates down for all tenors |
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By Donnabelle L. Gatdula
The Philippine Star 10/11/2005 Treasury bill (T-bill) rates went down across the board yesterday as the National Government (NG) indicated it would not need additional borrowing for the rest of the year. "We have sent a strong signal that cash is coming in, revenues are there and there is no need to borrow," National Treasurer Omar Cruz said after yesterday’s regular auction at the Bureau of Treasury (BTr). The yield for the 91-day T-bill, which banks use as a benchmark for loan rates, fell for the first time since August as banks and other investors submitted bids totaling more than three times the bonds the government planned to sell. The 91-day yield dropped to 5.877 percent from 5.898 percent last week, a three-month high. Yesterday’s decline was the first since Aug. 1. The 182-day yield decreased to 7.948 percent from 8.026 percent last week. The 364-day yield fell to 8.976 percent from 9.042 percent. Investors offered to buy P16.6 billion of the securities, allowing the government to sell all of the P4.5 billion it offered. Cruz said the market also sensed that there was scarcity of supply. "There was more demand than supply, indicated by an almost three to 3.5 times over subscription on all tenors," Cruz said. According to Cruz, there was huge demand for longer-term tenors as reflected in the amount of offers for the six-month and one-year government debt papers. The BTr chief said the statement of the Bangko Sentral ng Pilipinas (BSP) on inflation target for the rest of the year also helped in bringing down the interest rates. "The downward adjustments in interest rates were buoyed by other factor such as inflation rate which is believed to go down in the remaining months of the year," Cruz said. BSP Governor Amando Tetangco Jr. earlier said the slowdown is in accordance with the BSP’s expectations of a mild deceleration in inflation for the remainder of the year. |
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