MANILA -- Continued volatility in the domestic financial market ended in another round of mix results for the Bangko Sentral ng Pilipinas’ (BSP) Term Deposit Facility (TDF) Wednesday.
Data released by the central bank showed that the rate of both the seven-day and 14-day facilities went down while the rate of the 28-day TDF rose.
The rate of the shortest tenor TDF declined to 3.7494 percent from 3.7586 percent during the auction last week.
Also, the rate of the 14-day facility fell to 3.9084 percent from last week’s 3.9220 percent.
On the other hand, rate of the longest-tenor facility climbed to 3.9471 percent from the previous auction’s 3.9416 percent.
Bids for the seven-day facility totalled to PHP47.436 billion, higher than the PHP40 billion offering and last week’s PHP47.372 billion. This resulted to the improvement of the bid coverage ratio to 1.1859 from the previous week’s 1.1843.
The auction committee made a full award for this tenor.
Tenders for the 14-day TDF reached Php54.352 billion, higher than the PHP40 billion offering but lower than the Php57.485 billion bids last week. Bid coverage ratio, thus, fell to 1.3588 from last week’s 1.4371. It was also fully awarded.
Banks submitted a total of PHP22.711 billion worth of bids for the 28-day facility, higher than the PHP20 billion offering but lower than the PHP23.982 billion tenders last week. Thus, the drop in bid coverage ratio to 1.1356 from last week’s 1.1991. It was also awarded in full. (PNA)
