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Byline: Michelle V. Remo
THE GOVERNMENT YESTERDAY thumbed down all bids for the 91-day treasury bills as banks manifested lack of appetite for the short-term securities by seeking higher interest rates.
Had the Bureau of the Treasurys auction committee accepted the bids, the rate for the three-month debt paper could have reached 6.17 percent, higher by 47.1 basis points than the 5.699 percent recorded in last months auction.
Tenders for the 91-day bills amounted to only P2.265 billion, reflecting an under-subscription to the supposed P3-billion government debt offering.
Analysts said the market was shying away from short-term investments …