Philippines awards $890 million T-bill offer

Business Recorder reported that the Philippine Bureau of the Treasury awarded 54.8 billion pesos, or $890.48 million, in its T-bill auction on Monday. The award fell inside the planned envelope, which spans 42 to 60 billion pesos. Tenders for the sale totalled 167 billion pesos.

The 91-day bills were awarded 24 billion pesos at an average rate of 5.008%, up from 4.995% at the previous auction. The 182-day tranche raised 21 billion pesos at 5.442%, below the previous 5.545%. The 364-day bills drew 9.8 billion pesos at 5.613%, against 5.723% before.

The results offer a snapshot of short-term borrowing costs in the Philippines. Rates on the 91-day bills moved up, while those on the 182-day and 364-day bills moved down.