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91-day T-bill rate falls to lowest in 3 years |
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The Philippine Star 01/17/2006
The 91-day Treasury bill (T-bill) yield, used by banks as a benchmark for pricing loans, fell to its lowest in more than three years at a government auction yesterday. The yield decreased to 4.863 percent from 4.961 percent in the last sale on Jan. 2. Yesterday’s rate was the lowest since Aug. 5, 2002 when it dropped to 4.878 percent. The government rejected all bids for the 91-day securities in last week’s sale because banks demanded higher yields than what it was prepared to pay. The yield on the 182-day bill fell to 6.314 percent from 6.435 percent on Jan. 9. The yield on the 364-day bill declined to 7.289 percent from 7.399 percent last week. Banks and other investors submitted bids totaling P16.2 billion, allowing the government to sell all of the P3.5 billion it offered. National Treasurer Omar Cruz earlier said the Bureau of Treasury (BTr) is preparing an official announcement, detailing the reconfiguration in its auction program for the first quarter. According to Cruz, the government’s comfortable cash position would change the landscape of the government’s borrowing program. Cruz also said there were proposals to adjust the government’s peso borrowing in light of the country’s strong balance of payments (BOP). Analysts said a lower interest rates on government securities indicated that the Arroyo administration would not have to pay as much for its domestic borrowing. Since the government’s T-bill offer this year is more likely to go down, banks would have no other outlet where to invest their funds, causing the rates on these government securities to drop further, analysts explained. |
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