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BSP bills' yield up by 0.94 bp

Business

BSP bills' yield up by 0.94 bp

By Lee C. Chipongian

The auction of Bangko Sentral ng Pilipinas (BSP) bills fetched a higher yield this week at 2.0367 percent or 0.94 basis point (bp) more than the previous 2.0273 percent, with tenders still exceeding the offer.

The central bank offered P70 billion of 28-day BSP bills Friday, lower compared to October 23’s P80 billion. Tenders amounted to P120.55 billion which was lower than last week’s P141 billion.

“The lower offer volume led to a narrower range of accepted yields compared to last week at 1.990-2.075 percent. Total tenders (P120.55 billion is) 1.7 times the offer volume,” said BSP Deputy Governor Francisco G. Dakila Jr.

Dakila said the auction results still indicate there is ample liquidity in the financial system.

The bid coverage ratio for the securities was at 1.7221 compared to 1.7625 last Friday.

The 28-day BSP bills is the only securities being offered at the moment. The central bank also auction 28-day term deposit facility but this tenor was off the table for the past three weeks to give way to banks’ demand for the similarly dated securities. The BSP has been offering BSP bills for the past seven weeks or since September 18. As part of its monetary operations, the securities facility is one of its main liquidity management tools.

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