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Peso GS Weekly: Yields steady as buying meets profit‑taking
Foreign interest and index‑inclusion speculation supported the curve even as the market balanced fresh supply and bouts of profit‑taking
By Metrobank Local Currency Trading Department and Janssen Roman
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What happened last week
Selling interest dominated in early trading at the start of last week, led by the newly issued 10‑year FXTN 10‑74 as investors trimmed excess allocations in the secondary market. The bond briefly traded up to 5.945% before bargain hunters provided support, helping it close around 5.925%, unchanged versus its coupon.
Short‑dated bonds saw a slight rise, as funding was freed up for the 10‑74 settlement, with 1–5‑year yields ending 1–2 basis points (bps) higher. Bond market players turned cautious, as fresh supply from the jumbo issuance continued to be absorbed.
Activity then picked up with broad buying interest across the curve, driven by the rally in US Treasuries and reinforced by comments from Treasurer Sharon Almanza. Her statement that the Philippines may draw a
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