MANILA -- All three tenors of the term deposit facility (TDF) offered by the Bangko Sentral ng Pilipinas (BSP) fetched higher rates on Wednesday’s auction.
The seven-day TDF offered at PHP40 billion has a weighted average yield of 3.7523 percent from the previous auction, which stood at 3.6927 percent.
Market favors the short term facility as this tenor was oversubscribed, with tenders amounting to PHP45.83 billion.
The yield for the 14-day TDF also rose to 3.689 percent from last week’s 3.7342 percent average rate.
Bids for this tenor only reached PHP31.99 billion, falling short from the offered value of PHP40 billion.
On the other hand, the 28-day TDF fetched an average yield of 3.8741 percent, higher than the previous rate of 3.7326 percent.
This tenor was also undersubscribed with tenders only amounting to PHP14.82 billion. The 28-day TDF was offered at PHP20 billion.
Bid coverage ratio for the seven-, 14-, and 28-day TDF settled at 1.1458, 0.7998, and 0.7408, respectively. (PNA)
