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Manila Bulletin devider Business devider TDF attracts P430.6-B bids on first auction in 2023

TDF attracts P430.6-B bids on first auction in 2023

Published Jan 4, 2023 04:05 pm

The central bank’s term deposit facility (TDF) received P430.62 billion tenders on its first auction week this year versus offer of P390 billion, higher compared to P360 billion volume on Dec. 28.

The Bangko Sentral ng Pilipinas (BSP) on Wednesday, Jan. 4, raised the offer size of the 7-day tenor to P230 billion from P200 billion last week while maintaining the P160 billion volume for the longer-dated TDF.

BSP building and logo/Reuters

The 7-day tenor received P237.66 billion tenders which was more than the previous week’s P206.80 billion. The weighted average interest rate (WAIR) rose to 6.3322 percent from 6.2860 percent while the bid coverage ratio dipped to 1.0333 from 1.0340.

The 14-day TDF, meantime, had the same volume as Dec. 28 but attracted higher bids of P192.96 billion compared to the previous P155.79 billion which was an undersubscription. The yield rose to 6.4180 percent from 6.3803 percent while the bid coverage ratio also increased to 1.2060 from 0.9737.

“The results of the TDF auction came as eligible counterparties brought back their cash to the BSP’s facilities after the holidays,” said BSP Deputy Governor Francisco G. Dakila Jr.

“Going forward, the BSP’s monetary operations will remain guided by its assessment of the latest liquidity conditions and market developments,” he reiterated.

Dakila has noted that both tenors were oversubscribed, with bid-to-cover ratios of 1.033x and 1.206x for the 7-day and 14-day TDF. “Nonetheless, total tenders received reached P430.617 billion, which was within the BSP’s expected volume range,” he said.

The BSP official also noted that the WAIR for the awarded bids in both tenors continued to rise from last week. The WAIR for the 7-day TDF rose by 4.6214 basis points (bps) while the 14-day tenor increased by 3.7709 bps.

“The yields accepted for the 7-day tenor shifted higher and narrowed to 6.2445-6.4200 percent, while that for the 14-day tenor narrowed to 6.2445-6.5000 percent,” said Dakila.

The BSP via the TDF and other open market operations, mops up excess liquidity to control inflation which remains above the two percent to four percent target at 5.6 percent average as of end-November. The December inflation, to be announced on Jan. 5, Thursday, is expected to be higher than November’s eight percent, at around 8.4 percent to 8.6 percent.

The BSP first introduced the TDF in mid-2016 after its adoption of the interest rate corridor system to bring market rates closer to the BSP policy rate.

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