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Peso GS Weekly: Range-bound moves amid auction focus
Muted market action last week sets the stage for cautious positioning ahead of key auctions and global cues.
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) yields stayed within recent trading bands, as investors awaited fresh catalysts. Trading focused on the belly of the curve, led by 10-73 (10Y) at 6.205% and 10-69 (7.2Y) at 6.095% ahead of their reissuance. Retail demand remained strong for Treasury bills, and the Bureau of the Treasury (BTr) upsized the 6-month offer following strong interest.
At mid-week, yields edged slightly higher following the well-received 7Y reissuance of 10-69, awarded at an average of 6.128%. Despite some selling pressure in the afternoon tied to rising global yields, market activity was modest, with most securities closing at 1–2 basis points above their previous levels.
At the end of the week, trading remained subdued with no
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