Peso GS Weekly: Focus on short-tenor bonds
Market players focus on the front-end to belly of the curve while awaiting catalysts

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WHAT HAPPENED LAST WEEK
The local government securities (GS) market started last week with good two-way interest, as the lack of catalysts kept market players initially on the sidelines. Activity was mostly concentrated at the belly of the curve, such as the 5-Year Retail Treasury Bond 5-18.
Elsewhere, the Bureau of the Treasury (BTr) fully awarded their first Treasury bill issuance of the year, with good demand seen as it was awarded at levels that were 3 to 6.5 basis points (bps) lower than the previous issuance.
Last Tuesday, the BTr held its first auction of the year and fully awarded the reissuance of the 5-Year Fixed Rate Treasury Note at an average of 6.06%, with accepted bids ranging from 6.03% to 6.075%, or near the lower end of indications.
The GS curve continues to steepen, as m
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