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Manila Bulletin devider Business devider TDF oversubscribed; yields are up

TDF oversubscribed; yields are up

Published Mar 17, 2021 05:06 pm

Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco G. Dakila Jr. said there was strong demand during its Wednesday auction of term deposit facility (TDF) with P653.87 billion bids versus offer of P480 billion.

The auction volume is lower than the previous week’s P540 billion.

“The BSP further decreased its offer volume in the TDF to P480 billion from last week’s P540-billion offering which was distributed between the 7-day and 14-day tenors at P140 billion (from P190 billion) and P340 billion (from P350 billion), respectively,” noted Dakila.

He also noted that both tenors were oversubscribed as tenders for the 7-day and 14-day TDF reached 1.29x and 1.39x their respective offer volumes.

The weighted average interest rates for both tenors were higher this week. The rate for the 7-day was up by 13.077 basis points (bps) while the 14-day rate increased by 2.953 bps. “Compared to the previous week, the range of yields accepted shifted higher and narrowed for the 7-day TDF at 1.640-1.999 percent as well as the 14-day TDF at 1.750-1.950 percent,” said Dakila.

The 7-day TDF, offered at P140 billion from P190 billion last week, received P181.07 billion bids. The yield rose to 1.8049 percent from 1.6742 percent.

The 14-day tenor, in the meantime, was also offered lower at P340 billion from P350 billion. It attracted P472.79 billion tenders while its rate increased to 1.8839 percent from 1.7809 percent.

The TDF is one of the BSP's liquidity mopping-up tool. The 28-day TDF is still absent in favor of the 28-day BSP bills.

“The TDF auction results continue to show that, given ample liquidity in the financial system, market participants are trying to lock-in higher yields amid increasing inflation expectations. Moving forward, the BSP’s monetary operations will remain guided by its assessment of the latest liquidity condition and market developments,” said Dakila.

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