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Manila Bulletin devider Business devider TDF auction yields mixed results, reduced volume

TDF auction yields mixed results, reduced volume

Published Aug 19, 2020 04:51 pm

The central bank offered a much lower term deposit facility (TDF) volume this week of P230 billion versus P320 billion last August 12 but were oversubscribed across all tenors.

“The auction results show that liquidity conditions have normalized following the temporary effect of the scheduled settlement of the Retail Treasury Bonds last week, and remains ample,” according to Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco G. Dakila Jr.

Dakila said the BSP’s monetary operations “will continue to be guided by its assessment of liquidity conditions and market developments.”

He noted that all tenors were oversubscribed, receiving 1.50x, 1.75x and 1.58x the offered volumes for the 7-day, 14-day and 28-day TDFs, respectively. Combined TDF tenders amounted to P372.23 billion.

 “The TDF offering in today’s auction was reduced to P230 billion (from P320 billion last week), allocating P90 billion each to the 7-day and 14-day tenors (from P140 billion and P130 billion, respectively), and

P50 billion to the 28-day TDF (unchanged from last week),” said Dakila.

The yields were mixed, with the 7-day and 14-day tenors auctioned at lower average rates ahead of the Monetary Board’s policy meeting on Thursday, August 20.

 “The average interest rates for the 7-day and 14-day tenors declined by 1.02 basis points (bps) and 3.11 bps (while the) average interest rate for the 28-day TDF increased by 4.62 bps,” said Dakila. “The range of accepted yields remained low but were narrower for the 7-day and 14-day TDFs at 1.750-1.800 percent and 1.750-2.000 percent, respectively, while that for the 28-day TDF widened to 1.753-2.000 percent.”

The 7-day tenor with a lower P90 billion offering received P135.31 billion bids at an average rate of 1.7708 percent.

The 14-day, also a lower P90 billion offering had P157.75 billion tenders. Its average rate was at 1.8347 percent.

The 28-day, on the other hand, kept its P50 billion offering and attracted P79.17 billion while yields rose to 1.8232 percent.

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