BSP's 28-day bill rate rises
The rate of the Bangko Sentral ng Pilipinas’ (BSP) 28-day securities increased Friday amid the strong demand for the paper, according to a report by Philippine News Agency.
The weighted average rate of the debt paper rose to 1.8109 percent from 1.7965 percent during the auction last June 11.
BSP again offered the securities for PHP100 billion and the auction committee made a full award after tenders reached PHP140.525 billion.
The bid coverage ratio slipped to 1.4053 from last week’s 1.6269 when bids reached PHP162.69 billion.
BSP Deputy Governor Francisco Dakila Jr., in a statement, said “the modest increase in the 28-day bill’s rate remains in line with market participants’ search for yield in the longer tenor.”
“Moving forward, the BSP’s monetary operations will remain guided by its assessment of the latest liquidity conditions and market developments,” he added.
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