YIELDS on the central bank’s term deposits inched down on Wednesday as market players now expect a smaller rate increase from the US Federal Reserve at its meeting at the end of this month.
The term deposit facility of the Bangko Sentral ng Pilipinas fetched bids amounting to P404.159 billion on Wednesday, well above the P350 billion on the auction block and the P377.197 billion in tenders seen for the P390-billion offer a week ago.
Banks asked for yields ranging from 6% to 6.4%, a wider and lower band compared with the 6.27% to 6.45% seen a week earlier. This caused the average rate of the one-week deposits to decrease by 5.8 basis points to 6.2973% from 6.3553% previously. The central bank has not auctioned 28-day term deposits for more than two years to give way to its weekly offerings of securities with the same tenor.
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