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Manila Bulletin devider Business devider TDF rates higher, offer oversubscribed

TDF rates higher, offer oversubscribed

Published Mar 24, 2021 05:31 pm

The central bank’s weekly auction of term deposit facility (TDF) continue to be oversubscribed at P669.41 billion versus offer of P480 billion, while the average rates for the two tenors increased this week again.

“The auction results show that, amid ample financial system liquidity, market yields continue to rise as the Easter holidays and tax season approach,” according to Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco G. Dakila Jr.

The 7-day TDF was offered at P140 billion and received tenders worth P261.36 billion while the average rate rose to 1.8432 percent. The 14-day tenor, in the meantime, offered at P340 billion, attracted P408.05 billion bids while its yield increased to 1.8898 percent.

“The auction was oversubscribed as tenders received in the 7-day and 14-day tenors reached 1.87x and 1.20x their respective offer volumes. Total tenders amounted to P669.41 billion,” said Dakila.

He also noted that the weighted average interest rates continued to rise for both tenors with the 7-day rate rising by 3.827 basis points while the 14-day TDF increased slightly by 0.594 basis point.

“The range of yields accepted in the 7-day tenor shifted higher but narrowed to 1.710-1.899 percent. Meanwhile, the accepted yields in the 14-day tenor shifted lower but widened to 1.500-1.929 percent,” said Dakila.

The TDF is one of the BSP's liquidity mopping-up tool.

In 2020, the BSP siphoned off P2 trillion excess liquidity with the TDF mopping up 16.3 percent of the total or P326 billion by end-fourth quarter.

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