Government plans to borrow P160 billion in March
MANILA, Philippines — Despite rising rates, the Bureau of the Treasury (BTr) plans to raise P160 billion from the local bond market next month to take advantage of ample liquidity.
In a memorandum to government securities dealers, National Treasurer Rosalia de Leon said P20 billion in short-dated debt papers would be auctioned every Monday beginning March 1, for a total of P100 billion in March.
These weekly Treasury bill offers will consist of P5 billion for 91-day and 182-day tenors, and P10 billion for the 364-day paper.
To be auctioned every other Tuesday, meanwhile, are P60 billion worth of Treasury bonds – P30 billion for the seven-year securities and another P30 billion for the 10-year debt papers.
The offers are higher than the revised P110-billion borrowing program for February and the actual awards of P127 billion during the month.
Rates for short-date securities rose slightly last Monday in adjustment to higher yields from US Treasuries.
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