MANILA – The rates of Bangko Sentral ng Pilipinas’ (BSP) term facilities rose across-the-board Wednesday but the bid coverage ratio on all tenors declined after tenders turned out to be only a tad higher than the offer.
Data released by the central bank showed that average rate of the seven-day Term Deposit Facility (TDF) went up to 4.5640 percent from 4.5466 percent during the auction last July 10.
BSP offered it for PHP30 billion and bids reached PHP37.495 billion. This resulted in a bid coverage ratio of 1.2498, lower than the previous week’s 1.3910.
In the previous week, BSP offered the seven-day facility for PHP20 billion and tenders reached PHP27.82 billion.
Relatively, the average rate of the 14-day facility improved to 4.6148 percent from the previous week’s 4.5931 percent.
Bid coverage ratio declined to 1.0297 from 1.6683 last week after banks submitted PHP30.89 billion worth of bids, higher than the PHP30-billion offer.
Tenders for this facility were lower this week than the PHP33.365 billion last week when the BSP offered this tenor for PHP20 billion.
Rate of the 28-day facility increased to 4.6492 percent from 4.6407 percent last July 10.
Its bid coverage ratio declined to 1.0263 from week-ago’s 1.1320. Tenders reached PHP20.525 billion, higher than the PHP20-billion offer but lower than last week’s PHP22.64 billion. (PNA)
