YIELDS on the central bank’s term deposits inched down on Wednesday as expectations of a recession in the United States caused oil prices to decline.
The term deposit facility of the Bangko Sentral ng Pilipinas attracted bids amounting to P385.602 billion on Wednesday, well above the P330-billion offering but declining from the P479.514 billion seen a week ago.
The BSP has not auctioned 28-day term deposits for more than a year to give way to its weekly offerings of securities with the same tenor. Oil prices and bond yields dipped on Tuesday as traders fretted over prospects of further central bank tightening and worries about the health of economies worldwide, Reuters reported.
On Wednesday, the US benchmark 10-year yield was 2.9724%, having traded either side of 3% for the last week.
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