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Manila Bulletin devider Business devider TDF rates drop this week

TDF rates drop this week

Published Dec 17, 2020 05:00 am

The central bank’s auction of term deposit facility (TDF) received P570.33 billion bids this week, lower than P644.81 billion last December 9 while yields fell ahead of the Bangko Sentral ng Pilipinas’ (BSP) monetary policy meeting on Thursday.

The 7-day TDF was still offered at P170 billion, and it attracted P235.87 billion tenders, lower than the previous auction’s P243.55 billion. The average rate dropped to 1.7046 percent from 1.7218 percent.

The 14-day TDF with a higher offer of P340 billion, in the meantime, was undersubscribed at P334.46 billion tenders, based on BSP data. Last week it received P401.25 billion tenders versus offer of P320 billion. The average rate dropped to 1.7163 percent from 1.7191 percent.

BSP Deputy Governor Francisco G. Dakila Jr. said there is sustained demand for the two tenors but the 28-day TDF is still off the table.

For this week, the BSP again increased the total TDF offer volume to P510 billion from P490 billion last December 9.

 “The 7-day TDF was oversubscribed, receiving bids 1.39x the offer volume. Meanwhile, there was a slight undersubscription in the 14-day TDF which received bids 0.98x the offer amount,” said Dakila.

The average interest rates continue to decrease. “The range of yields accepted narrowed further for the 7-day TDF at 1.650-1.730 percent but widened for the 14-day TDF at 1.650-1.760 percent,” said Dakila.

 “The results in today’s auction reflect market participant’s continued preference for the shorter tenor in view of the holidays. At the same time, financial system liquidity remains ample. The BSP’s monetary operations will remain guided by its assessment of market developments and liquidity conditions moving forward,” he reiterated.

The BSP’s Monetary Board will have its last monetary policy meeting for the year on Thursday, December 17.  

BSP Governor Benjamin E. Diokno has said that they still see a benign inflation path which gives BSP leeway and ample room to keep the monetary stance “sufficiently accommodative” to cushion the

“strong” downside risks to growth.

On November 19, the Monetary Board cut the benchmark rate by 25 bps in a surprised move. So far, the BSP has reduced key rates by 200 bps.

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