By Reshmi Basu
New York, June 26 - The Philippines Bureau of the Treasury said it sold PHP 3.8 billion of Treasury bills in three tranches.
The Treasury sold PHP 1.4 billion of 91-day bills. All accepted bids were at 6½%.
Of the PHP 4.42 billion competitive bids received, PHP 600 million were accepted. Of the PHP 2.1 billion non-competitive bids received, PHP 800 million were accepted. The Philippines had planned to sell up to PHP 1 billion of the 91-day bills.
The Treasury also sold PHP 1.4 billion of 182-day bills at an average rate of 7.295%. The low rate accepted was 7 1/8% while the high rate was 7 3/8%.
Of the PHP 5.51 billion competitive bids received, PHP 600 million were accepted. Of the PHP 2.15 billion non-competitive bids received, PHP 800 million were accepted. The Philippines had planned to sell up to PHP 1 billion of the 182-day bills.
And the Treasury sold PHP 1 billion of 364-day bills at an average rate of 7.973%. The low rate accepted was 7¾% while the high rate was 8 1/8%.
Of the PHP 4.29 billion competitive bids received, PHP 600 million were accepted. Of the PHP 1.25 billion non-competitive bids received, PHP 400 million were accepted. The Philippines had planned to sell up to PHP 1 billion of the 364-day bills.
Issuer: Philippines Bureau of the Treasury
Total amount: PHP 3.8 billion
Issue: Treasury bills
Pricing date: June 26
| Settlement: | June 28
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| 91-day bills
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| Amount: | PHP 1.4 billion
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| Maturity: | Sept. 27, 2006
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| Average rate: | 6½%
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| Average price: | 98.384
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| 182-day bills
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| Amount: | PHP 1.4 billion
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| Maturity: | Dec. 27, 2006
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| Average rate: | 7.295%
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| Average price: | 96.443
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| 364-day bills
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| Amount: | PHP 1 billion
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| Maturity: | June 27, 2007
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| Average rate: | 7.973%
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| Average price: | 92.54
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