MANILA -- The rates of central bank’s Term Deposit Facility (TDF) fell across-the-board Wednesday but bid coverage ratios improved after the holidays.
Data released by the Bangko Sentral ng Pilipinas (BSP) showed that weighted average accepted yield of the seven-day facility declined to 5.0706 percent from 5.1903 percent for the six-day facility during the auction last December 27.
Its bid coverage ratio, on the other hand, went up to 1.7670 from 0.6238 in the previous auction.
This was due to the increase in bids submitted by banks.
Total tenders for the facility amounted to PHP35.34 billion, higher than the PHP20 billion offering. The auction committee awarded PHP20 billion.
In the previous session, the said facility was offered for PHP30 billion but bids stopped at only PHP18.714 billion.
Rate of the 14-day facility went down to 5.1530 percent from 5.2014 percent in the previous auction.
Its bid coverage ratio inched up to 1.1649 from 0.8698 previously.
Total tenders reached PHP23.297 billion, higher than the PHP20 billion offering, which is also the amount awarded for the day.
In the previous auction, this facility was offered for PHP10 billion and tenders reached PHP8.698 billion.
Rate of the 28-day facility also declined and stood at 5.1694 percent from 5.2094 percent in the last auction last year.
Bid coverage ratio, on the other hand, improved to 1.4877 from 0.7807 previously.
Banks submitted a total of PHP14.877 billion worth of bids, higher than the PHP10 billion offering. The auction committee made a full award.
For the auction on January 16, 2019, the seven and 14-day facilities will be offered for PHP20 billion each and the 28-day TDF for PHP10 billion. (PNA)
