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Manila Bulletin devider Business devider Yield of BSP bills continue to drop

Yield of BSP bills continue to drop

Published Feb 1, 2021 06:00 am

The Bangko Sentral ng Pilipinas’ (BSP) auction of 28-day BSP bills last Friday fetched a lower yield and attracted 1.51x more of the offered P100 billion volume.

BSP Deputy Governor Francisco G. Dakila Jr. said the offering for the BSP bills was fully subscribed. “Amid strong market interest, the weighted average interest rate declined by 1.105 bps (basis points) to 1.6251 percent,” he said.

Dakila also noted that the range of accepted yields were lower but wider than in the previous week’s auction, ranging from 1.600-1.630 percent.

“Total bids received reached P150.90 billion, or 1.51x the offered volume,” he added. Tenders were lower than the previous week’s P162.80 billion. The bid coverage ratio fell to 1.5090 from 1.6280.

The BSP official reiterated that the auction of securities continue to have sustained robust demand since banks have excess liquidity.

The BSP’s securities facility is one of its more effective liquidity management tool to bring short-term market rates closer to the policy rate. The first auction was held on September 18, 2020.

At the moment the BSP is looking into the possibility of expanding the list of eligible market participants to securities facility, as well as to “enhance its market-friendly features and make it at par with other available assets in the market,” said BSP Governor Benjamin E. Diokno earlier. The BSP is currently consulting with banks and non-banks for its preference and assessment of the market.

The BSP has said that the tenor, volume and frequency of issuance will still depend on BSP’s view of market developments and liquidity conditions. So far, there is only the lone tenor – the 28-day BSP bills – that are being offered.

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