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Manila Bulletin devider Business devider 14-day TDF attracts more bids

14-day TDF attracts more bids

Published Jun 3, 2021 06:30 am

Banks prefer the 14-day term deposit facility (TDF) this week based on a higher bid coverage ratio.

The 14-day tenor which has the same offer of P360 billion for the past weeks, attracted P414.06 billion bids, up from the previous week’s P365.08 billion.

The bid coverage ratio increased to 1.1502 from 1.0141. The 14-day’s average rate, in the meantime, rose to 1.7860 percent from 1.7714 percent.

The 7-day TDF, offered again at P150 billion received P158.54 billion this week. This was slightly lower than P159.22 billion previously. Its yield was almost unchanged at 1.7200 percent from 1.7202 percent last auction. The bid coverage ratio dropped to 1.0570 from 1.0615.

The total tenders amounted to P572.60 billion against offer of P510 billion. This was higher compared to May 26’s P524.30 billion.

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.

The BSP’s overnight deposit facility was the main catch basin for the excess liquidity with P1.14 trillion of the P2 trillion or 57 percent of the total absorbed excess liquidity.

When the government implemented the first phase of the lockdowns last year, the BSP cancelled the TDF auction and there were no TDF offerings for the rest of March until April 15 to make sure banks have the liquidity it will require to service the funding needs of businesses and households.

The BSP gradually reopened the TDF but it was on a reduced volume of offering.

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