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Peso GS Weekly: Yields hold steady after jumbo bond issuance
The market navigated a heavy supply week with surprising resilience, as investors positioned ahead of new catalysts
By Metrobank Local Currency Trading Department and Dana Louise Geronimo
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What happened last week
The week opened against a supportive global backdrop, with softer international yields helping local bond prices edge higher. Investors continued to accumulate mid‑tenor securities—particularly in the 5‑year space, reflecting sustained confidence in that part of the curve. Despite anticipation surrounding the upcoming jumbo 10‑year issuance, demand for the existing FXTN 10‑73 benchmark held firm. Short‑dated Treasury bills also remained well‑bid, with yields easing further as clients favored the safety and liquidity of near‑term placements.
By mid‑week, attention turned to the high‑profile auction of the new 10‑year FXTN 10‑74, introducing a more measured tone to trading. The issuance drew robust participation, with the Bureau of the Treasury (BTr) raising over PHP
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