Peso GS Weekly: RTB liquidity fuels bond rally
Strong demand and excess liquidity from RTB 5-13 drove a volatile yet opportunistic week for Peso GS.

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What happened last week
Last week began with global yields ticking higher, prompting market participants to lock in gains from holdings of government securities (GS). Benchmark bonds traded around 3 basis points (bps) higher, with 10-72 and 10-73 leading activity near the 6.040%–6.060% range, though end-users mostly stayed sidelined.
Mid-week saw mixed trading, as players awaited fresh catalysts. Despite PHP 516 billion in RTB 5-13 maturity adding liquidity, selling interest persisted ahead of RTB 5-19 settlement. RTB 5-18 outperformed, while the 5- to 10-year sector faced pressure from de-risking.
By the week’s end, PHP GS volumes surged past PHP 60 billion, supported by institutional and offshore buying. Yields dropped 1–5 bps, with the curve steepening. The Bureau of the Treasury’s (BTr
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