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T-bill rates decline across the board.
(From Philippine Daily Inquirer)
Byline: Michelle V. Remo
TREASURY bill rates fell across the board yesterday as the liquidity of the local capital market was boosted by the strengthening of the peso, which neared the 54-to-a-dollar level last week.
The new rates for the short-term government securities were the lowest since February 2004, indicating a high level of confidence by banks in the government's fiscal capabilities despite its lingering budget problem.
The bellwether 91-day treasury bill rate, which is used by banks in pricing their loans, declined by 59.3 basis points to only 6.847 percent. (100 basis points is equivalent to one percentage point.) It was the first time in months that the rate of the three-month debt paper was at the 6-percent level.
The rates for the 182- and 364-day government securities also fell to 7.845 percent and 8.788 percent, respectively. The new rate for the six-month bills was 84 basis points lower than the previous, while the latest rate for the one-year debt note was lower by 99.4 basis points.
Banks swamped yesterday's auction, triggering oversubscriptions in all maturities.
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