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Peso GS Weekly: Buy the belly, sell the back-end
Participants show better buying interest in medium-term bonds, while some took profit on long-dated bonds.
By Metrobank Local Currency Trading Department and Maria Christina Virtudazo
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WHAT HAPPENED LAST WEEK
Throughout the week, the local government securities (GS) market experienced varied activity, influenced by global yield movements and upcoming economic data releases. Price action was mostly two-way, with participants biased toward a steepening curve.
Buying interest was more dominant in the belly of the curve, while a mix of profit-taking and bottom-fishing interest was seen in long-dated securities. The back-end of the curve, however, saw less activity as most participants were still inclined to unload.
The most active securities in the belly were the Retail Treasury Bond (RTB) 5-18 and Fixed Rate Treasury Notes (FXTNs) 20-17, 10-69, and 10-72. In the 20-Year part of the curve, interest was seen in FXTNs 20-26 and 20-27, as dealer profit-taking was met by some pa