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Peso GS Weekly: Navigating choppy waters
Global bond rallies met local profit-taking in the Philippine market last week, creating a nuanced picture.
By Metrobank Local Currency Trading Department and Janssen Roman
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What happened last week
The beginning of the week saw a rally in global bonds spill over into the local market, with most benchmark bonds opening strong.
However, profit-taking emerged, leading yields to close just off the day’s lows, though the local curve still ended 1-4 basis points lower. T-bill auctions were well received, awarded 1-5 basis points lower compared to the previous week.
The market experienced a lackluster session last Tuesday. A lack of fresh catalysts kept yields within market range. The reissuance of the 14-year bond (20-23) received a lukewarm response, prompting the Bureau of the Treasury (BTr) to partially award the offering. Total traded volume was subdued at PHP 26 billion.
Last Wednesday saw solid two-way interest in the local bond market—with total traded volume
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