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TDF auction attracts P382.5 B bids

Business | Banking & Finance

TDF auction attracts P382.5 B bids

By Lee C. Chipongian

The central bank’s term deposit facility (TDF) auction on Wednesday, April 3, received tenders worth P382.497 billion against offer volume of P320 billion.

The Bangko Sentral ng Pilipinas (BSP) said the TDF was oversubscribed after raising the volume for both the 7-day and 14-day tenors this week from P250 billion previously.

“Total tenders reached P382.497 billion, which was above the BSP’s expected volume range, and resulted in bid-to-cover ratios of 1.240 for the 7-day tenor and 1.138 for the 14-day tenor,” said the BSP.

The BSP fully awarded its offering for the 7-day and 14-day tenors. On Wednesday, the weighted average interest rates rose by 0.32 basis point (bp) to 6.5454 percent for the 7-day tenor but decreased by 0.25 bp to 6.5878 percent for the 14-day tenor, said the BSP.

“At the same time, the range of accepted yields in the 7-day TDF narrowed to 6.5300-6.5568 percent while that in the 14-day TDF widened to 6.5545-6.6000 percent,” it added.

The TDF is one of BSP’s main liquidity management tool. It was first introduced in 2016 as part of the interest rate corridor system.

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