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Manila Bulletin devider Business devider BSP receives mixed TDF bids this week

BSP receives mixed TDF bids this week

Published Jun 9, 2021 04:58 pm

The central bank said there is sustained demand for the weekly term deposit facility (TDF) despite mixed results for the 7-day and 14-day tenors.

The 7-day, still offered at P150 billion, only attracted P140.16 billion tenders but the 14-day TDF continue to receive above-offer bids of P458.96 billion against a P370-billion offer.

“The undersubscription in the shorter TDF tenor could be attributed to market participants’ preference for the longer tenor amid their search for yields,” noted BSP Deputy Governor Francisco G. Dakila Jr.

“Nevertheless, market conditions remain normal, supported by the sustained ample liquidity in the financial system. The BSP will continue its assessment of the latest liquidity conditions and market developments for its monetary operations,” he added.

The 14-day’s average rate increased to 1.7950 percent from 1.7860 percent, while the 7-day’s yield also rose to 1.7582 percent from 1.7200 percent.

The bid coverage ratio for the 14-day improved to 1.2404 from 1.1502 while the 7-day’s bid coverage ratio dipped to 0.9344 from 1.0570.

Dakila said the BSP increased the TDF offer volume to P520 billion from P510 billion last June. “The volume offering was maintained at P150 billion in the 7-day TDF and increased to P370 billion in the 14-day TDF,” he said.

“There was a slight undersubscription in the 7-day TDF which received bids 0.93x the offering.

Meanwhile, the 14-day TDF was oversubscribed with bids 1.24x the offered volume. Total tenders received amounted to P599.13 billion,” said Dakila.

The BSP official said the undersubscription in the 7-day TDF led to a 3.818-basis point (bp) increase in the weighted average interest rate (WAIR). “At the same time, the WAIR for the 14-day continued to increase, settling 0.899-bp higher.”

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