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Peso GS Weekly: Curve steepens as demand shifts
The Peso Government Securities (GS) curve steepened further as investors favored the belly amid lighter supply and improving global sentiment.
By Metrobank Local Currency Trading Department and Janssen Roman
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What happened last week
Early-week trading saw a continued steepening bias, as strong demand anchored the 3-year sector, with RTB 5-18 hovering near its year-to-date low of 5.26%. Buying momentum persisted following a gradual decline in US Treasury yields over the weekend. With no bond supply scheduled, positioning tilted toward long accumulation from both dealers and long-term institutional investors. Yields closed 1–3 basis points (bps) lower in a relatively quiet session driven mainly by curve dynamics.
Activity remained range-bound by mid-week, with most flows concentrated in the 5-year segment, accounting for nearly half of turnover. The 7-70 and R5-19 benchmarks traded stead near 5.465%, while the 8-year FXTN 10-72 attracted buyers at about 5.815% given its compelling premium over ad
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