Bangko Sentral ng Pilipinas (BSP) said on Friday that demand for 28-day bills remains “strong” ahead of an expected rate hike next month.
The offering of 160.0 billion pesos was oversubscribed by a total number of bids of 235.580 billion pesos, 1.47 times the volume offered.
The weighted average interest rate fell 9.4920 basis points to 6.3590 percent. Acceptable returns have shifted lower and widened to a range of 6.0000 to 6.4375 percent.
“The BSP auction results continue to reflect strong interest on the part of market participants amid ample liquidity in the financial system,” said Francisco D’Aquila, Deputy Governor of the Central Bank.
He added, “Looking forward, BSP Bank’s cash operations will continue to be guided by its assessment of the latest liquidity conditions and market developments.”
