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Tuesday, March 21, 2023

Philippines: The issuance of TBs has not yet attained its maximum due to the anticipation of an augmentation in interest rates.

At the public auction of Treasury bills (TB) held on the 13th, the bidding rate rose due to the expectation that the policy interest rate will be raised next week, and the issuance amount of both 91-day and 182-day bills will be capped. did not reach The average rate for 91 days was 4.664% and 5.437% for 182 days. On the other hand, the 364-day bond was issued with an upper limit of 5 billion pesos, with an exchange rate of 5.717%. There were bids of 21.6 billion pesos, 1.4 times the maximum issuance limit of 15 billion pesos for the three issues, but only 12.8 billion pesos were issued. Last week’s issuance amount was also well below the issuance cap at 9.7 billion pesos. Economic analysts expect only a 0.25% increase in policy rates at the monetary policy meeting scheduled for 22nd, after inflation was broadly flat at 8.6% in February. (14th Inquirer)

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