MANILA – The weighted average accepted yield of the Bangko Sentral ng Pilipinas' (BSP) shorter-dated Term Deposit Facility (TDF) rose Wednesday while that of the longer-dated facility fell.
Data released by the central bank showed that weighted average accepted yield of the seven-day TDF ticked up to 3.3334 percent from 3.3162 percent during the auction last August 30.
This transpired after bids for the facility reached PHP42.918 billion, higher than the PHP40 billion offering.
With the increase in the bids, this tenor's bid coverage ratio improved to 1.0730 from last week's 0.8109.
On the other hand, bids for the 28-day facility fell to PHP84.415 billion this week from the previous auction's PHP109.855 billion.
Both are lower than the PHP110 billion offering this week and the PHP140 billion in previous auctions.
The cut in offering was made after the longer-dated tenor has been undersubscribed for months now.
The auction committee accepted all the bids for the 28-day facility this week.
Bid coverage ratio of the 28-day facility declined to 0.7674 from 0.7847 during the Aug. 30 auction.
For the auction on Sept. 13, the BSP will still offer the seven-day facility for PHP40 billion and the 28-day facility for PHP110 billion. (PNA)
The Philippine News Agency is a web-based newswire service of the Philippine government under the supervision of the News and Information Bureau (NIB) of the Presidential Communications Office (PCO).