Offering Philippine Treasury Bills 2011 at 1.5 Billion Pesos

The government will issue higher volume of 91-day Treasury bills (T-bills) in the second quarter of this year compared to the previous quarter, data released by the Bureau of the Treasury (BTr) on Wednesday showed.

BTr’s 91-day T-bills offering per auction was placed at P1.5 billion from April to June this year, P0.5 billion higher than the P1 billion offering in the first three months of the year.

Total T-bills offering in the second quarter, to be sold in seven auctions, amounts to P63 billion, with the 182-day paper and the 364-day bill at P3.5 billion and P4 billion per auction, respectively.

On the other hand, total Treasury bond (T-bond) offering for the second quarter amounts to P54 billion, with the offering per auction still at P9 billion. Tenors to be offered will be four-, seven- and 10-year.

Total T-bills and T-bonds to be offered in the second quarter amounts to P117 billion, higher than the P114 billion in the previous quarter.

The government is vying to lengthen its debt maturity profile through the issuance of longer-dated government securities like the 25-year paper as proven in the first quarter this year but the longest-tenor in its second quarter domestic borrowing program is 10-year.

Deputy Treasurer Eduardo Mendiola, in a text message to the Philippines News Agency, said the tenors of their T-bond offering in the second quarter this year are still considered long-term.

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