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Peso GS Weekly: Auctions, liquidity boost, and tariffs
Local bond market to be driven by additional long-dated bond supply, liquidity boost, and global trade war policy shifts.
By Metrobank Local Currency Trading Department and Janssen Roman
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What happened last week
At the start of the week, trading was relatively quiet as market participants mainly managed existing positions.
There was strong interest in short-term government securities, particularly Treasury bills, as investors reinvested recent maturities. The government’s T-bill auction saw significant demand, leading to lower yields. Total bids reached PHP 119 billion. The Bureau of the Treasury (BTr) responded by increasing the awarded amounts beyond the initial offer.
Meanwhile, some investors adjusted their portfolios ahead of a scheduled reissuance of a 10-year bond. Despite positive inflation data and expectations of a central bank rate cut in April, market players remained cautious, anticipating more long-term bond issuances in the coming months.
By mid-week, trading
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