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Peso GS Weekly: Yields hold steady amid mixed signals
Despite global volatility, peso government securities (GS) traded in tight ranges as local sentiment stayed cautious.
By Metrobank Local Currency Trading Department and Janssen Roman
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What happened last week
At the start of the week, local bond yields ticked higher following the preceding Friday’s global bond sell-off. De-risking emerged across the curve, particularly in 2-month retail Treasury bond (RTB) 5-13 and mid-tenor benchmarks like RTB 5-18 and 10-73. Despite the move, strong demand in Monday’s T-bill auction helped anchor short-term yields.
Mid-week, market participants turned their focus to the reissuance of the 7-year benchmark bond, 10-69. While the auction saw decent interest, the results landed within expectations, and price action remained muted. Most yields held near previous levels, with the 10-69 closing just 2 basis points (bps) higher day-on-day.
Toward the end of the week, sentiment turned cautious ahead of the US consumer price index print, prompti
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