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BSP bills attract higher bids

Business

BSP bills attract higher bids

By Lee C. Chipongian

The Bangko Sentral ng Pilipinas (BSP) securities or 28-day BSP bills received P158.20 billion tenders on Friday, about 1.58x oversubscribed against its P100 billion offer.

The oversubscription is higher than last week’s 1.36x or P135.3 billion bids.

BSP Deputy Governor Francisco G. Dakila Jr. said there is high demand for BSP bills’ auction due to the “strong interest from market participants.”

“The results of the auction show continued strong demand from market participants for the BSP bill amid normal market conditions and sustained ample liquidity in the financial system,” said Dakila.

The 28-day BSP bills fetched a weighted average interest rate of 1.8115 percent, lower than 1.8158 percent in the previous auction. “The yields accepted during the auction shifted slightly lower and remained narrow at a range of 1.780-1.825 percent, said Dakila.

Bid coverage ratio rose to 1.5820 from 1.3573.

The BSP launched the BSP securities facility on September 18 last year, as new instrument for its monetary implementation.

Before 2020, the last time the BSP issued its own debt securities was in July 1993.

“The reinstatement of the BSP’s authority to issue its own bills and bonds provides an additional instrument to enhance further the implementation of monetary policy,” said the BSP. “Since the maiden auction of BSP securities (the) market reception has remained positive.”

In 2020, total subscription amounted to around P1.53 trillion or about 1.7 times the P890-billion aggregated offer amount.

Related Tags

BSP Bills BSP

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