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Manila Bulletin devider Business devider TDF rates fall

TDF rates fall

Published Feb 3, 2021 04:57 pm

The central bank’s term deposit facility (TDF) auction was still oversubscribed but results were mixed while yields continue to decline.

“There was a slight undersubscription in the 7-day TDF, receiving bids 0.88x the offer volume. Meanwhile, the 14-day TDF was oversubscribed with bids 1.16x the offer volume,” said Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco G. Dakila Jr.

Dakila also noted that the weighted average interest rates for both tenors continued to decrease. “The 7-day rate declined by 0.626 bp (while) the 14-day rate fell by 1.444 bps. The range of accepted yields remained low for both tenors but were wider for the 7-day, at 1.590-1.750 percent, and narrower for the 14-day, at 1.600-1.638 percent,” he said.

Banks bid P661.87 billion for the two tenors against offer of P630 billion. This was lower than the previous Wednesday’s P704.77 billion. This week’s volume is higher compared to P610 billion last January 27.

The 7-day TDF was offered higher at P240 billion from P230 billion. It was undersubscribed for the first time in months at P210.61 billion. The average rate fell to 1.6157 percent from 1.6620 percent.

“The slight undersubscription in the 7-day tenor reflects market participants’ increased preference for longer maturities in order to seek higher yields amid a very liquid environment. Looking ahead, the BSP will remain guided by its assessment of liquidity conditions and market developments in the conduct of its monetary operations,” said Dakila.

The 14-day tenor at P390 billion was also offered higher this week compared to P380 billion previously. Bids reached P451.26 billion, more than P432.27 billion last week. The average rate declined to 1.6256 percent from 1.6400 percent.

The TDF is one of BSP’s liquidity absorption tool. It complements its securities facility which also withdraws a large part of structural liquidity surplus to bring market rates closer to the policy rate.

Related Tags

BSP Deputy Governor Francisco G. Dakila Jr. Bangko Sentral ng Pilipinas (BSP) Finance Secretary Carlos G. Dominguez III
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