BSP bills auction 1.47x oversubscribed

The auction of 28-day Bangko Sentral ng Pilipinas (BSP) securities yesterday received ₱131.98 billion tenders or 1.47x more than offer of ₱90 billion while yields continue to fall. The BSP bills’ average interest rate on Friday closed at 1.8562 percent from the previous week’s 1.8795 percent. “Amid strong demand, the weighted average interest rate continued to decline, settling lower by 2.324 bps (basis points) to 1.8562 percent,” said BSP Deputy Governor Francisco G. Dakila Jr. He also noted that the yields accepted were lower and narrower, ranging from 1.838 percent to 1.875 percent compared to last week’s 1.850 percent to 1.905 percent. (Lee C. Chipongian)