Original BSP Seal (1949-1993) (Photo credit: Wikipedia)Financial IQ Philippines Quick Hit(s):
The government has issued a new set of treasury bills, with interest rates lower than previously issued T-bills. Instead of purchasing T-bills, you may want to consider SMC's preferred shares instead with interest rates of 7% to 8% per annum.
The Bureau of the Treasury (BTr) sold P6.95 billion worth of 91, 182 and 364-day Treasury bills (T-bills) in yesterday’s auction.
This was below the planned debt sale of P7.5 billion because the government’s auction committee opted to do a partial sale of the 181-debt paper.
Had the government decided to sell the full amount of P2.5 billion for the 181-day T-bill, the average rate would have stood at 1.745 percent from a previous rate of 1.795 percent.
The 90-day T-bill fetched an average rate of 1.452 percent from 1.495 percent. Total tenders for this paper reached P2.871 billion, allowing the government to sell P1 billion as planned for this tenor.
The average rate on the 181-day T-bill hit 1.671 percent, lower than the previous rate of 1.795 percent as the government settled for a partial award.
The average rate of the 364-day T-bill, meanwhile, declined to 2.125 percent, lower than the previous rate of 2.722 percent.
Total tenders for this paper reached P6.76 billion, out of a planned sale of P4 billion. This allowed the government to sell the full amount of P4 billion as planned.
Deputy Treasurer Eduardo Mendiola said investors factored in the possibility of an uptick in the inflation rate in August.
Inflation rate hit a six-month high of 3.2 percent in July from 2.8 percent in June and 2.9 percent in May, according to the latest data from the National Statistics Office (NSO).
The Bangko Sentral ng Pilipinas said that the monsoon rains may temporarily cause supply disruptions which may put pressure on inflation.
http://www.philstar.com/Article.aspx?articleId=840766&publicationSubCategoryId=66
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