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Peso GS Weekly: Position now for the jumbo 10‑year supply
Improved risk sentiment and steady USD/PHP moves supported a mild rally across the curve.
By Metrobank Local Currency Trading Department and Janssen Roman
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What happened last week
Activity was subdued early in the week as participants waited for key US data and the reissuance of the 7‑year benchmark. The FXTN 10‑71 auction drew solid demand, with healthy tender volume and a competitive bid‑to‑cover ratio, helping stabilize the mid‑curve.
Afternoon selling emerged as some accounts freed up liquidity ahead of next week’s 10‑year jumbo issuance, though opportunistic buying helped keep yields broadly unchanged to slightly lower. Overall, the market maintained a cautious tone given the upcoming supply pipeline.
Mid-week, sentiment turned mixed as global releases—including delayed US data prints and expectations for US Consumer Price Index (CPI)—kept investors defensive. Local players continued to trim holdings, particularly in the 3‑ to 8‑year sec
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