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BSP bills auction attracts P123.8 B tenders

Business

BSP bills auction attracts P123.8 B tenders

By Lee C. Chipongian

The central bank’s auction of 28-day securities fetched a lower rate this week but had a higher bid volume of P123.80 billion.

The Bangko Sentral ng Pilipinas’ (BSP) one-month bills was still being offered at P60 billion on Friday, and it received oversubscribed tenders which was higher than the previous auction of P88.90 billion.

The accepted yields for this week was lower than last November 13, at 1.680 percent to 1.750 percent. Last week’s range of accepted yields was at 1.875 percent to 2.000 percent.

The average yield was lower at 1.7135 percent versus the previous 1.9621 percent.

This week’s bid coverage ratio for the BSP bills was higher at 2.0633 which showed more demand compared to the previous 1.4817.

The BSP bills was first offered on September 18. The securities facility is one of BSP’s primary liquidity mopping up tools and complements its term deposit facility which is offered every Wednesday.

The BSP securities, as an additional instrument for managing liquidity in the financial system, is risk-free and will help deepen the local bond market.

As a COVID-19 pandemic response, the BSP has injected some P1.9 trillion or $39.2 billion in liquidity in the domestic financial market, about 9.6 percent of GDP.

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Related Tags

BSP Bills BSP Governor Benjamin E. Diokno BSP

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