Business

T-bill rates rise further while the peso weakens

The Bureau of the Treasury on Monday allocated all P15 billion in short-term treasury bills, it offered under strong demand, although rates rose further across the board.

P5 mia. In the benchmark 91-day government bonds, it averaged 1,082 percent, up from 1,068 percent last week.

Treasury also sold P5 billion. In 182-day debt to 1.401 percent, up from 1.384 percent previously.

IOUs

An additional P5 billion in 364-day IOUs was allocated at an annual rate of 1,629 percent, up from 1,593 percent.

At press time, national treasurer Rosalia de Leon did not respond to inquiries as to why tax rates rose again during Monday’s auction, but she attributed last week’s higher dividends in part to the weaker peso.

Monday morning, the peso opened at. 50.42: $ 1, weaker than Friday’s close at 50,235 against the US dollar.

Overwritten

Investors offered a total of P45.7 billion across the three tenors, making the auction three times oversubscribed.

The Treasury Department said over the weekend that despite the peso’s recent depreciation to the $ 50: 1 level, the domestic currency was expected to remain stable amid ample foreign exchange reserves and relatively low external debt. INQ

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