BAGANBAZAR GRAPHEXPLORE · ANALYZE · GROW
Theme
LiveDesk
BusinessShort-term bills fetch higher yields on Fed viewBusinessScott Atlas on American Health CareBusinessChina confirms first AI talks with U.S. have taken place, hints at trade truce extensionBusinessRobert Skidelsky on Money, the Good Life, and How Much is EnoughBusinessRobert Frank and Russ Roberts on Infrastructure
Business/Source-attributed reporting
Business DESK

Short-term bills fetch higher yields on Fed view

THE GOVERNMENT made a full award of the short-term securities it offered on Monday at higher yields amid expectations of further policy tightening by the US Federal Reserve due to lingering inflation risks. The Bureau of the Treasury (BTr) raised a combined P52 billion from its offering of cash management bills (CMBs) and Treasury bills (T-bills) as tenders totaled P91.251 billion. This was higher than the P71.478 billion in bids seen last week for a P42-billion offer of just T-bills. Broken down, the Treasury borrowed P10 billion as planned via the 35-day CMBs as demand reached P12.177 billion. The one-month bill fetched an average rate of 5.124%, increasing by 8.8 basis points (bps) from the 5.036% quoted for the last award of these papers on Sept. 1. Bid yields were from 5% to 5.228%. Meanwhile, the government raised its target P42 billion from T-bills as tenders reached P79.704 billion. The BTr said it made a full award of the T-bills as the auction attracted strong demand. For the 91-day T-bills, the Treasury borrowed P20 billion as bids for the tenor reached P29.795 billion. The three-month paper fetched an average rate of 5.431%, up by 8.3 bps from 5.348% last week. Tenders accepted had yields from 5.349% to 5.499%. For the 182-day papers, the government raised P15 billion as tenders hit P33.854 billion. The average yield on the six-month T-bill was at 5.821%, rising by 4 bps from 5.781% previously. Bid rates awarded were from 5.78% to 5.848%. Lastly, the BTr sold P7 billion in 364-day securities as demand for the tenor totaled P15.425 billion. The one-year paper fetched an average rate of 6.043%, up by 12.1 bps from 5.922% last week. Accepted yields ranged from 5.95% to 6.1%. At the secondary market before Monday’s auction, the 35-, 91-, 182-, and 364-day bills

Published Sep 21, 2026 · 5:30 PMOriginal source: BusinessWorld4 reads
THE GOVERNMENT made a full award of the short-term securities it offered on Monday at higher yields amid expectations of further policy tightening by the US Federal Reserve due to lingering inflation risks. The Bureau of the Treasury (BTr) raised a combined P52 billion from its offering of cash management bills (CMBs) and Treasury bills (T-bills) as tenders totaled P91.251 billion. This was higher than the P71.478 billion in bids seen last week for a P42-billion offer of just T-bills. Broken down, the Treasury borrowed P10 billion as planned via the 35-day CMBs as demand reached P12.177 billion. The one-month bill fetched an average rate of 5.124%, increasing by 8.8 basis points (bps) from the 5.036% quoted for the last award of these papers on Sept. 1. Bid yields were from 5% to 5.228%. Meanwhile, the government raised its target P42 billion from T-bills as tenders reached P79.704 billion. The BTr said it made a full award of the T-bills as the auction attracted strong demand. For the 91-day T-bills, the Treasury borrowed P20 billion as bids for the tenor reached P29.795 billion. The three-month paper fetched an average rate of 5.431%, up by 8.3 bps from 5.348% last week. Tenders accepted had yields from 5.349% to 5.499%. For the 182-day papers, the government raised P15 billion as tenders hit P33.854 billion. The average yield on the six-month T-bill was at 5.821%, rising by 4 bps from 5.781% previously. Bid rates awarded were from 5.78% to 5.848%. Lastly, the BTr sold P7 billion in 364-day securities as demand for the tenor totaled P15.425 billion. The one-year paper fetched an average rate of 6.043%, up by 12.1 bps from 5.922% last week. Accepted yields ranged from 5.95% to 6.1%. At the secondary market before Monday’s auction, the 35-, 91-, 182-, and 364-day bills were quoted at 5.0765%, 5.3699%, 5.7581%, and 5.9034%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data from the Treasury. Yields on the short-term debt offered on Monday climbed across all tenors after the Fed last week hiked rates for the first time in three years and signaled further tightening ahead, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message. Hawkish guidance from the Federal Reserve last week has futures wagering on a 56% chance it will hike rates again in October, with a move by yearend considered a done deal, Reuters reported. “Demand and yields went up due to anticipation of the local bond auction tomorrow, as the market seems to speculate that the yields awarded will be on the high end,” a trader said in a text message. On Tuesday, the government is looking to raise P30 billion from reissued 20-year Treasury bonds (T-bonds) with a remaining life of four years and nine months. This replaced the BTr’s initial plan to hold a rate-setting auction for fresh five-year fixed-rate Treasury notes (FXTN) that it canceled. The BTr last offered FXTNs in February, raising a total of P297.94 billion via new 10-year notes, with P235 billion coming from the new money component of the offer and P62.94 billion from the switch program. The Treasury began offering FXTNs last year to establish new benchmarks and enhance market liquidity. These offerings are held under an issuance format targeting institutional investors like corporates, cooperatives, trust funds, retirement funds, and provident funds. The BTr wants to raise up to P380 billion from the domestic market this month, or P250 billion via T-bills and P130 billion through T-bonds. The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.659 trillion or 5.4% of gross domestic product this year. — A.M.C. Sy
ORIGINAL SOURCE

BusinessWorld

This report is indexed by BAGANBAZAR GRAPH with its original publisher named and linked for readers.

Read at original outlet ↗
RELATED COVERAGE

More from this desk.

BAGANBAZAR GRAPHSource-attributed newsBUSINESS desk
Business

Scott Atlas on American Health Care

Scott Atlas, Senior Fellow at Stanford University's Hoover Institution and author of In Excellent Health, talks with EconTalk host Russ Roberts about the U.S. health care system. Atlas argues that the U.S. health care system is top-notch relative to other countries and that data that show otherwise rely on including factors unrelated to health care or on spurious definitions. For example, life expectancy in the United States is unexceptional. When you take out suicides and fatal car accidents, factors that Atlas argues are unrelated to the health care system, the United States has the longest life expectancy in the world. A similar change occurs when measuring infant mortality--foreign data do not include as many at-risk births as in the United States and the measure of a birth is not comparable. In a number of other areas including cancer survival rates, access to hip replacement surgery and waiting times to see a physician, Atlas argues that the United States is also at or near the top. The discussion concludes with a discussion of access to health care for the poor and the failure of Medicaid.

Original sourceEconTalk
BAGANBAZAR GRAPHSource-attributed newsBUSINESS desk
Business

Robert Skidelsky on Money, the Good Life, and How Much is Enough

Robert Skidelsky, noted biographer of John Maynard Keynes and author (with his son Edward) of the recently published How Much is Enough, talks with EconTalk host Russ Roberts about materialism, growth, insatiability, and the good life. Skidelsky argues that we work too hard and too long. He argues that the good life has more leisure than we currently consume and that public policy should be structured to discourage work in wealthy countries where work can still be uninspiring. Skidelsky criticizes the discipline of economics and economists for contributing to an obsession with growth to the detriment of what he says are more meaningful and life-enhancing policy goals.

Original sourceEconTalk