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Sri Lanka Treasury bill rates plunge to 4-yr low at auction

ECONOMYNEXT- Sri Lanka’s 12-month Treasury bill rate fell 82 basis points on Wednesday from a week earlier to the lowest since January 2016, data from the government debt office showed, while the nation grappled with the coronavirus pandemic.

The Government Debt Department sold 12-month bills at 7.50 percent, lowest since the 7.48 percent recorded on the week ending January 01, 2016.

The debt office sold 6-month bills at 7.25 percent this Wednesday, down 57 basis points from a week earlier, while 3-month bills were sold at 7 percent, down 27 basis points.

Bill rates have now plunged for two weeks, with the 12-month maturity falling from 8.48 percent at the March 11 auction, before which rates had marginally gained.

This Wednesday, the public debt office sold 25 billion rupees in bills after offering 30 billion rupees, while total bids received totalled 70 billion rupees.

After offering 8 billion rupees in three month bills, only 6,500 rupees in securities were sold for bids of 15.6 billion rupees.

The debt office sold 8.5 billion rupees in 6-month bills after offering 8 billion rupees, while primary dealers placed 17.1 billion rupees in bids.

Another 10 billion rupees in 12-month bills were sold after offering 14 billion rupees, while 37.3 billion rupees in bids were received from primary dealers.

The auction will be settled on March 27. (Colombo/Mar26/2020)

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