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Philippines
Thursday, March 28, 2024

Investors swarm on BSP auction 

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THE P40-billion worth of seven-day term deposits put on the auction block by Bangko Sentral ng Pilipinas Wednesday remained highly oversubscribed on investors’ sustained appetite for short-term instruments.

Data showed total tenders reached P125.564 billion, significantly higher than the weekly volume, with Bangko Sentral making a full award of P40 billion. The deposits fetched a weighted average accepted yield of 3.02 percent and a bid coverage ratio of 3.13 percent.

Despite the oversubscription, Bangko Sentral will keep the weekly volume of P40 billion in the next auction set on Jan. 24, 2018 and still without the 28-day instruments.

Previous under-subscriptions before the holiday season prompted the Bangko Sentral to offer just P40 billion after investors preferred the short-term instruments over the 28-day term deposits.

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