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Peso GS Weekly: Repricing pressure meets opportunistic bids
Peso Government Securities held steady despite mixed data and heavier upcoming supply.
By Metrobank Local Currency Trading Department and Janssen Roman
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What happened last week
At the beginning of the week, Peso Government Securities (GS) opened stronger, as expectations of a rate cut by the Bangko Sentral ng Pilipinas (BSP) encouraged early buying across the curve. Some profit-taking emerged ahead of the new 5‑year bond offering but yields still ended 1–6 basis points (bps) lower, supported by strong demand for short-term bonds following a solid Treasury bill auction.
Activity picked up sharply on Tuesday ahead of the 5‑year FXTN 7‑71 auction, which attracted PHP 164.8 billion in bids—more than five times the amount offered. This prompted the Bureau of the Treasury (BTr) to open the tap facility for an additional PHP 20 billion, with the average rate settling at 5.557%. Demand after the auction continued to support the market, particularl
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