Banks again shied away from the term deposit facility (TDF) offered by the Bangko Sentral ng Pilipinas (BSP), with the longer-term borrowing window receiving the most tepid response even if supplies have already been reduced.
The BSP offered P110 billion for the 28-day TDF, yet banks only tendered P84.415 billion during the auction on Wednesday.
It was the first sale after the BSP offered a lower volume from P140 billion previously.
The BSP accepted all bids, with the facility fetching a yield between 3.45 percent and 3.5 percent.
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The seven-day TDF, on the other hand, was oversubscribed, with P42.918 billion in tenders for the P40-billion offering, which the BSP all awarded.
The accepted yield was within the 3.2-3.398 percent range.
