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Manila Bulletin devider Business devider Banking & Finance devider TDF volume is lower this week

TDF volume is lower this week

Published Mar 22, 2023 09:00 am
The central bank’s term deposit facility (TDF) was offered lower this week at P280 billion versus P340 billion previously ahead of Holy Week break when banks prefer to have more cash available.  Based on Bangko Sentral ng Pilipinas (BSP) auction results, the bids totalled P282.80 billion compared to P344.19 billion last March 15. “The results of the TDF auction fell within expectations and came in anticipation of the BSP's monetary policy meeting on 23 March and the Holy Week holidays. Market participants also tended to client requirements,” said BSP Deputy Governor Francisco G. Dakila Jr. Dakila said said the BSP reallocated volume this week based on actual bids received from the previous Wednesday. The 7-day TDF was offered at P180 billion from P220 billion previously, and received P168.45 billion bids which was undersubscribed. The bid coverage ratio was at 0.9358. The average interest rate continued to increase to 6.6152 percent from 6.5537 percent.  Meanwhile, the 14-day tenor was offered at P100 billion, also lower from last week’s P120 billion. The tenders amounted to P114.35 billion. Yields rose to 6.6390 percent from 6.6057 percent while the bid coverage ratio stood at 1.1435 from 1.1111 last week. Dakila said the total tenders received of P282.80 billion was within the BSP’s expected volume range. “The respective bid-to-cover ratios (BCR) for the 7-day and 14-day TDF stood at 0.936x and 1.144x,” he also noted. Meanwhile, the weighted average interest rates for the awarded bids increased from the previous week in anticipation of higher BSP policy rates. The 7-day TDF’s yields rose by 6.1474 basis points (bps) while the 14-day TDF went up by 3.3328 bps. “The range of yields accepted for the 7-day tenor shifted higher and narrowed to 6.4900-6.7700 percent, while that for the 14-day also shifted higher and narrowed to 6.0000-6.6994 percent,” said Dakila. The BSP’s TDF is an interest rate corridor facility to bring the market rates closer to the BSP key rate. Basically, the TDF absorbs excess money in the financial system to control inflationary pressures.
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