MANILA – The rate of the Bangko Sentral ng Pilipinas’ (BSP) 28-day bills declined on Friday even with higher bids and lower offer volume.
The average rate of the debt paper slipped to 1.7798 percent, lower than the 1.7934 percent during the auction last November 12.
The BSP offered the securities for PHP100 billion, and the auction committee made a full award. Total tenders amounted to PHP130.51 billion.
Last week, the offer volume for the debt paper was PHP110 billion.
The bid coverage ratio stood at 1.3051, higher than last week’s 1.0023 when total bids amounted to PHP110.25 billion.
BSP Deputy Governor Francisco Dakila Jr. has repeatedly said ample domestic liquidity continues to drive demand for the central bank’s debt paper.
Dakila said volume offering for the BSP’s securities will “always be guided by its latest assessment of the liquidity conditions and market developments.” (PNA)
