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Peso GS Weekly: Rangebound ahead of RTB clarity
Markets held steady last week, as investors weighed supply risks against strong liquidity support.
By Metrobank Local Currency Trading Department and Janssen Roman
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What happened last week
Last week began with cautious sentiment, as some selling pressure returned to the belly of the curve. The 5-year benchmark (7-70) underperformed, hitting 6.02% amid positioning ahead of a potential Retail Treasury Bond (RTB) issuance, while short-dated 5-77 (9M) bucked the trend, rallying 5 basis points (bps) lower. Strong demand was evident in the T-bill auction, where yields dropped by up to 5 bps and the 6-month paper was upsized for the fourth time in five auctions.
By mid-week, sideways trading prevailed as the market awaited further cues. The reissuance of 7-64 (3Y) was fully awarded at 5.817%, largely within expectations, and trading remained subdued post-auction. Despite limited directional movement, two-way interest continued across the curve, particularly
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