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BSP bills oversubscribed

Business | Banking & Finance

BSP bills oversubscribed

By Lee C. Chipongian

The central bank’s auction of securities facility was oversubscribed this week with bids reaching P181.985 billion against offer of P160 billion.

“The results of the BSP bill auction reflected ample liquidity in the system amid the recent policy rate hike,” said Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco G. Dakila Jr. Friday, Nov. 10.

The BSP has maintained the BSP bills’ volume offering at P160 billion, divided as P120 billion for the 28-day tenor and P40 billion for the 56-day.

“Both tenors were oversubscribed with total tenders reaching ₱181.985 billion. The bid-to-cover ratios for the 28-day and 56-day BSP Bills were at 1.144x and 1.116x, respectively,” said Dakila.

The BSP bills have mixed results in terms of weighted average interest rates (WAIR). The 28-day rate dipped 0.13 basis point from last week’s rate to 6.8372 percent while the 56-day rate rose by 1.94 bps to 6.8677 percent.

“The range of yields accepted narrowed slightly in both tenors, with bid rates at 6.7880-6.8600 percent (from 6.7500-6.8740 percent last week) accepted in the 28-day tenor and 6.8000-6.9800 percent (from 6.8000-7.0000 percent) accepted in the 56-day tenor,” noted Dakila.

The BSP first introduced the BSP bills in September 2020. The securities facility is the central bank’s primary liquidity-mopping up tool, along with the term deposit facility.

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