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TDF results end mixed this week

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By Lee C. Chipongian

The central bank’s term deposit facility (TDF) auction had mixed results this week, with bids reaching P102.99 billion against an offer volume of P100 billion.

MB file photo.

MB file photo.

The 6/7-day TDF, offered at P40 billion, attracted tenders of only P35.82 billion which was lower than the previous week’s P51.25 billion. Yields went up to 4.4597 percent from 4.4389 percent, based on Bangko Sentral ng Pilipinas (BSP) data.

The 13/14-day tenor, also at P30 billion, was undersubscribed at P26.05 billion from last Wednesday’s P40.75 billion.

Average rate slightly increased to 4.4938 percent from 4.4905 percent.

The longest-dated 27/28-day TDF, offered at P30 billion, was the only tenor oversubscribed this week. Bids reached P41.12 billion from August 14’s P45.14 billion.Yields fell to 4.4613 percent from 4.4961 percent.

The BSP’s Monetary Board cut benchmark overnight rate by 25 basis points (bps) last August 8, with a still benign inflation outlook which the BSP forecast at 2.6 percent for 2019.

The TDF is one of the central bank’s main liquidity absorption facility.

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