The Bureau of Treasury awarded a total P9 billion worth of T-bills on renewed investors’ appetite for the government’s short-term securities.

Yield of the 91-day paper, the basis of banks in pricing their loans, increased to 0.919 percent, or 22.9 basis points higher. Tenders for the three-month instrument reached P5.18 billion, or more than two times oversubscribed. The government made a full award of P2 billion.

“The bids were welcoming. The rates for short-dated rates are now adjusting toward the secondary market…there is already a normal level of demand for short-dated securities,” National Treasurer Roberto Tan said after the auction.

At the secondary market, the done deal for the same note was at 1.35 percent, or 43 basis points higher the government rate.

Meanwhile, the 182-day paper fetched a rate of 1.115 percent, or 43.3 basis points higher compared with the same issue two weeks ago.

Tenders for the six-month paper reached P8.59 billion, or more than two times oversubscribed. The government also made a full award of P3 billion.

At the secondary market, the done deal for the same instrument stood at 1.5 percent, or 38.5 basis points higher than the government rates.

The average rate for the 364-day paper was at 1.079 percent, or 67.1 basis points lower versus the 1.75 percent fetched by the same tenor two weeks ago.

Tenders for the debt paper reached P7.67 billion, and the government made a full award of P4 billion.

At the secondary market, the done deal for the same obligation fetched a rate of 1.7 percent, or 62.1 basis points higher than the comparable securities at the government auction.

“If you notice, the interest rate for the six-month paper is only 3.6 basis points higher than the rate of the one-year [note]. It only means investors have tightened the level of interest rates between the two papers,” Tan said.

For the week, the government’s maturing debts are pegged at P10.78 billion, of which P5 billion is payable against the bond-sinking fund.