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Manila Bulletin devider Business devider TDF rates down; offer oversubscribed

TDF rates down; offer oversubscribed

Published Mar 11, 2020 12:00 am
By LEE C. CHIPONGIAN The central bank’s term deposit facility (TDF) were oversubscribed during Wednesday’s auction while yields continue to drop. Total tenders reached ₱217.38 billion versus offer of ₱150 billion. The volume was higher than the previous week’s ₱168.2 billion, based on data released by the Bangko Sentral ng Pilipinas (BSP). The BSP offered ₱50 billion this week for the 7-day TDF, same as on March 4. Demand for the shortest-dated TDF remained robust at ₱66.73 billion. This was more than last week’s ₱48.69 billion. The average rate continue to fall to 3.7557 percent from 3.7821 percent. The 14-day TDF had a higher volume this week of ₱50 billion from ₱40 billion last March 4. Bids amounted to ₱70.84 billion versus ₱52.42 billion previously. Yields also dropped to 3.7757 percent from 3.8102 percent. The longest-dated TDF, the 28-day, in the meantime attracted ₱79.81 billion tenders against offer of ₱50 billion. The offer is ₱20 billion more compared to last week. Bids were also higher than the previous ₱67.06 billion. The average rate declined to 3.7436 percent from 3.7860 percent.
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