MANILA – The Bangko Sentral ng Pilipinas’ (BSP) 28-day bills registered undersubscription on Friday, with rates ending higher this week.
Data released by the central bank showed that bids submitted during the securities auction only amounted to PHP106.495 billion, a little more than half of the PHP190 billion volume offering.
The auction committee awarded PHP94.445 billion.
The average rate of the debt paper increased to 6.3545 percent from last week’s 6.3464 percent.
In a statement, BSP Deputy Governor Francisco Dakila Jr. said yields accepted in this week’s auction “shifted higher but narrowed to a range of 6.1500-6.4250 percent.”
“The results of the BSP bill auction came following market participants’ expectations of client funding requirements, with some recalibrating their asset portfolios,” he said.
He added the central bank’s “monetary operations will continue to be guided by its assessment of the latest liquidity conditions and market developments.” (PNA)
