For the 7-day tenor, bids reached P39.18 billion, prompting the BSP to award the government’s full offer of P30 billion. Gunigundo also said that the less than 1 percent bid-to-cover ratio for the 28-day tenor does not necessarily imply that market liquidity is tightening. The bid-to-cover ratio compares the number of total bids with the acceptable bids. The bid-to-cover ratio for the 28-day tenor dropped to 0.9384 from 1.1793 the previous week. The seven-day bid-to-cover ratio also fell to 1.3062 from 1.3708 a week ago.

Source: Manila Times March 22, 2017 17:26 UTC