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Peso GS Weekly: RTB debut and yield shifts
Fresh supply, global cues, and opportunistic flows kept peso government securities (GS) in sharp focus last week.
By Metrobank Local Currency Trading Department and Janssen Roman
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What happened last week
At the beginning of the week, local bonds held steady despite higher US Treasury yields, with 4–10Y benchmarks closing only marginally higher. Buying interest quickly capped any rise in yields, keeping the curve well-supported ahead of scheduled supply.
By mid-week, the Bureau of the Treasury’s (BTr) reissuance of the 10-year 10-73 drew robust demand, printing at 5.997% with bids clustered near 6.00%. The launch of RTB 5-19 dominated flows, with strong buying and profit-taking activity driving heavy turnover and spillover demand into 6–10Y bonds.
Toward the end of the week, RTB 5-19 accounted for nearly half of market activity, closing at 5.800%, below its coupon. Peripheral benchmarks tracked higher by 1–2 basis points (bps), while some accounts extended into the 1
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