MANILA -- Rates of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) registered mixed results Wednesday.
Data released by the central bank showed that the average rate of the seven-day facility declined to 4.1923 percent from 4.2053 percent during the auction last October 30.
The BSP offered the tenor for PHP40 billion and was oversubscribed at PHP45.668 billion. It was fully awarded.
This week’s offering and tenders are higher than the PHP 30-billion offer and PHP30.189-billion bids in last week’s auction.
The bid coverage ratio rose to 1.1417 from the previous auction’s 1.0063.
Rate of the 14-day facility also slid after ending the day at 4.2336 percent from 4.2451 percent last week.
It was offered for PHP40 billion, twice of last week’s offer, and received bids amounting to PHP41.165 billion, nearly twice the PHP22.925 billion in the previous session. The auction committee made a full award.
Its bid coverage ratio, in turn, declined to 1.0291 from the previous session’s 1.1463.
Meanwhile, rate of the 28-day TDF rose to 4.3122 percent from 4.2886 percent last week.
Bids reached PHP 40.773 billion, a little more than the PHP40-billion offer. The auction committee made a full award.
Bid coverage ratio improved to 1.0193 from the previous week’s 0.9660 when the offer was at PHP30 billion, and bids totaled PHP28.979 billion.
Offer volume this week is higher than the previous week’s, as monetary officials anticipated higher liquidity demand given the November 1 and 2 holidays on account of All Saints’ Day and All Souls Day. (PNA)
