MANILA – Rates of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) rose across-the-board Wednesday despite the under subscription for the shortest tenor.
Data released by the central bank showed that the rate of the seven-day facility ticked-up to 4.2264 percent from 4.1923 percent during the auction on Nov. 6.
BSP offered the facility for P60 billion but was undersubscribed after banks submitted only P48.058 billion, which in turn, was fully accepted by the auction committee.
Bid coverage ratio declined to 0.8010 from 1.1417 during the auction last week when the P40-billion offer received P45.668 billion worth of tenders.
The average rate of the 14-day facility also went up to 4.3184 percent from 4.2336 percent last week.
Bids reached P57.8 billion, higher than the P50-billion offer.
Bid coverage ratio also improved to 1.1560 from the previous auction’s 1.0291.
Last week, this tenor was offered for P40 billion and received P41.165 billion worth of tenders.
Rate of the 28-day facility increased to 4.3597 percent from 4.3122 percent last week.
It received bids amounting to P54.321 billion, higher than the P50-billion offer.
Bid coverage ratio jumped to 1.0864 from 1.0193 in last week’s auction when this tenor received P40.773 billion worth of tenders, higher than the P40-billion offer.(PNA)