Peso GS Weekly Buying interest met with profit-taking
Despite the market shrugging off the news of fewer rate cuts this year, the path to lower yields in the medium-term will be choppy. We recommend investors to remain opportunistic buyers on selloffs.

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WHAT HAPPENED LAST WEEK
The peso government securities (GS) market saw a choppy trading week as players grappled with decent buying interest combined with dealers taking profit during the latter part of the week. Initially, local GS yields were trading higher by around 2-5 basis points (bps) as it tracked the move in global yields higher due to the lack of catalyst that could drive yields in the local space.
Retail Treasury Bond (RTB) 5-18 saw the bulk of the volume last week where the 5-year benchmark was given up to as high as 6.235% early in the week. The 20-year auction saw decent participation as it was awarded at an average of 6.189%, towards the low-end of the market’s expected range, but posted a bid-to-cover ratio of only 2.03x. Despite this, better selling interest was seen in lo
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