MANILA, Aug. 9 - -  Bids for the shorter-dated term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) continue to rise after recent undersubscription, but tenders for the longer-dated facility remain below the offer volume.

Data released by the central bank Wednesday showed that PHP60.818 billion worth of bids were submitted for the seven–day TDF, higher than the PHP40 billion offering.

The auction committee accepted all the bids.

This week’s bids were higher than the PHP52.579 billion submitted by banks last week.

This development resulted in the improvement of the bid coverage ratio to 1.5205 from the previous week’s 1.3145.

However, the weighted average accepted yield declined to 3.3327 percent from 3.3345 percent during the auction last Aug. 2.

Bids for the 28-day facility totalled to PHP119.356 billion, lower than the PHP140 billion offering and last week’s PHP122.268  bilion tenders. All the bids for this tenor were accepted.

Both the bid coverage ratio and weighted average accepted yield declined to 0.8525 and 3.4936 percent, respectively.

These were at 0.8733 for the bid coverage ratio and 3.4949 percent for the weighted average accepted yield last week.

For the auction on Aug. 16, the seven-day facility will still be offered for PHP40 billion and the 28-day for PHP140 billion. (PNA)