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Manila Bulletin devider Business devider Banking & Finance devider TDF oversubscribed, mixed results

TDF oversubscribed, mixed results

Published Jun 29, 2023 08:24 am
The central bank’s term deposit facility (TDF) received higher bids on bigger volume while yields were mixed for the two tenors on Thursday, June 29. Based on Bangko Sentral ng Pilipinas (BSP) data, tenders amounted to P245.25 billion versus offer of P240 billion. This was higher compared to June 21’s bids of P235.93 billion against volume of P230 billion. BSP Deputy Governor Francisco Dakila Jr. said in a commentary Thursday that the TDF results were expected for the week. “Total tenders reached P245.255 billion, which was within the BSP’s expected volume range. The respective bid-to-cover ratios (BCR) for the 6-day and 13-day TDF stood at 0.963x and 1.104x, reflecting market participants’ preference for the longer tenor,” said Dakila. TDF has two tenors, the 7-day and 14-day. For Thursday, due to the June 28 holiday, the BSP offered 6-day and 13-day tenor TDFs. The holiday was in celebration of Eid’l Adha. Of the total bids received, the BSP accepted P231.829 billion. The 6-day TDF was offered at P140 billion this week from P120 billion last Wednesday. It received bids worth P134.83 billion which was lower than the previous week’s P144.27 billion. The weighted average interest rate (WAIR) was up at 6.5847 percent compared to 6.5835 percent. The 13-day tenor, meanwhile, had a volume of P100 billion versus P110 billion last week. The TDF attracted P110.43 billion compared to P91.66 billion last June 21. The WAIR declined to 6.5961 percent from 6.5966 percent. Dakila said the resulting yields for the awarded bids saw mixed trends from the previous week. “The range of yields accepted for the 6-day tenor shifted higher and narrowed to 6.5500-6.6200 percent, while that for the 13-day shifted lower and widened to 6.5000-6.6188 percent,” he added. 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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