MANILA -- Rate of the seven-day Term Deposit Facility (TDF) fell Wednesday after banks tendered lower bids.
Data released by the Bangko Sentral ng Pilipinas (BSP) showed that weighted average accepted yield of the shortest-tenor facility dropped to 3.1651 percent from 3.1768 percent in the auction on March 21, 2018.
The tenor’s bid coverage ratio also went down and stood at 0.9297 from last week’s 1.4459 after banks tendered a total of PHP46.485 billion, lower than the PHP50 billion offering.
On the other hand, yield of both the 14-day and 28-day TDF improved to 3.2788 percent and 3.4232 percent, respectively.
Last week, average accepted yield of the 14-day TDF was 3.2451 percent while it was 3.2416 percent for the longest tenor TDF.
Bid coverage ratio of the 14-day TDF rose to 1.0711 from the previous week’s 0.8989 and the 28-day facility to 1.2087 from 0.9982 in the previous week. (PNA)
