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BSP bills' rate continue to rise

Business

BSP bills' rate continue to rise

By Lee C. Chipongian

The average interest rate of the central bank’s securities’ auction on Friday, March 11, rose by 6.943 basis points to 2.0187 percent on over-subscription.

The Bangko Sentral ng Pilipinas (BSP) continue to offer P100 billion of 28-day BSP bills. “The auction was oversubscribed amid good demand,” noted BSP Deputy Governor Francisco G. Dakila Jr.

BSP Deputy Governor Francisco G. Dakila Jr.

On Friday, the securities’ facility attracted P127.1 billion total bids which was equivalent to 1.27x the offered volume.

The yield increased to 2.0187 percent from the previus Friday’s 1.9492 percent.

Dakila said the weighted average interest rate continued to rise from the rate fetched last week. “The yields accepted in the auction likewise shifted higher and widened to a range of 1.9000-2.1250 percent,” he added.

The BSP bills’ bid coverage ratio fell to 1.2710 versus 1.4875 last March 4.

“The results of the auction remain in line with the BSP’s expectations amid the recent settlement of the Retail Treasury Bonds as well as current developments in the global financial market,” said Dakila.

“Nonetheless, rates remain favorable amid ample liquidity in the domestic financial system. Looking ahead, the BSP’s monetary operations will remain guided by its assessment of the latest liquidity conditions and market developments,” he added.

The central bank first offered the BSP securities facility in September 2020 with only a P20-billion offer. Its highest volume so far is P130 billion which was last month’s two-week offer.

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