The government fully awarded the short‑term bills offered on Monday, with average yields rising amid hawkish signals from both the central bank and the U.S. Federal Reserve, and an unresolved Middle East conflict.
The Treasury raised a combined P90 billion from cash‑management bills and Treasury bills, while total tenders reached P178.888 billion, slightly below the P180.746 billion demand seen for a P100 billion offer on June 23.
For cash‑management bills, the target P30 billion was awarded as bids totaled P56.28 billion. The 35‑day bills sold P20 billion, attracted P25.23 billion in demand, and fetched an average rate of 4.797 %, up 5.9 basis points from the previous week.
The 63‑day bills raised P10 billion with tenders of P31.05 billion, and the average yield rose to 5.081 %, an increase of 2.9 basis points. Accepted yields ranged from 5.00 % to 5.125 %.
The Treasury fully awarded its P60 billion offer of Treasury bills, with total tenders amounting to P122.608 billion.
The 91‑day bills sold P20 billion, drawing P36.79 billion in bids, and posted an average rate of 5.245 %, up 2.8 basis points from the prior auction. Accepted rates fell between 5.18 % and 5.28 %.
The 182‑day bills raised P20 billion as tenders reached P41.895 billion, with an average yield of 5.764 %, a modest 1‑basis‑point rise. Yield ranges were 5.673 % to 5.80 %.
The 364‑day securities sold P20 billion, with bids totaling P43.923 billion, and delivered an average rate of 5.968 %, down 6.6 basis points from the previous week. Accepted yields were between 5.96 % and 5.98 %.
Prior to the auction, secondary‑market quotes for the 35‑, 91‑, 182‑ and 364‑day bills stood at 4.9229 %, 5.192 %, 5.5742 % and 5.9761 % respectively, according to Bloomberg valuation data.
The higher yields reflect the hawkish stance of both the central bank and the Federal Reserve, as inflation is expected to remain elevated while negotiations between the United States and Iran continue, delaying a normalization of oil supplies, according to a
