Philippines rejects all bids for T-bills amid weak demand
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The Philippines’ Bureau of the Treasury rejected all bids for T-bills at an auction on Monday amid weak demand.
Tenders totalled 7.576 billion pesos ($150.6 million) against the government’s offer of 20 billion pesos worth of 91-day, 182-day and 364-day T-bills, the bureau said.
It also rejected all bids at the Nov. 27 T-bill auction, while raising 255.4 billion pesos from its latest retail treasury bond offering. For previous auction results, click on ($1 = 50.3000 Philippine pesos)
Questions & Answers
Q.Why did the Bureau of the Treasury reject all bids for T-bills on Monday?
Why did the Bureau of the Treasury reject all bids for T-bills on Monday?
The Bureau of the Treasury rejected all bids for T-bills at the auction on Monday due to weak demand from bidders. The total value of tenders received was significantly lower than the government's offer.
Q.What was the total value of bids received compared to the government's offer at the recent T-bill auction?
What was the total value of bids received compared to the government's offer at the recent T-bill auction?
Tenders totalled 7.576 billion pesos at the recent T-bill auction. This amount was against the government’s offer of 20 billion pesos worth of T-bills across 91-day, 182-day, and 364-day maturities.
Q.Has the Bureau of the Treasury rejected T-bill bids previously?
Has the Bureau of the Treasury rejected T-bill bids previously?
Yes, the Bureau of the Treasury also rejected all bids at the T-bill auction held on November 27. This indicates a previous instance of insufficient demand for the government's T-bill offerings.
Q.Has the Philippines government successfully raised funds recently through other means?
Has the Philippines government successfully raised funds recently through other means?
Yes, despite rejecting T-bill bids, the Philippines government recently raised 255.4 billion pesos from its latest retail treasury bond offering. This shows success in a different debt issuance method.
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