The yield on the 91-day Philippine Treasury bills was barely changed at the government auction Monday on thin tenders, while yields on the 182-day and 364-day T-bills dropped, the Bureau of Treasury said.

The government awarded 4.49 billion pesos in bids out of the 6.0 billion pesos it offered. Tenders totaled 10.652 billion pesos.

The average rate for the 91-day T-bill, which banks use as benchmark in pricing loans, stood at 3.758 percent from 3.759 percent at the last auction on Sept 24. The government accepted only 800 million pesos of the tenders totaling 1.87 billion pesos, against its offer of 1.5 billion pesos.

The 182-day T-bill rate averaged 4.812 percent, compared to 4.832 percent previously. The government awarded in full its offer of 2.0 billion pesos.

The average rate for the 364-day T-bill fell to 5.628 percent from 5.643 percent previously. The government accepted 1.69 billion pesos of the tenders totaling 3.925 billion pesos, or about two-thirds of its offer of 2.5 billion pesos.

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Posted: 10|8|07 at 10:39 am. Filed under: Auction News.