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Peso GS Weekly: Eyes on auction amid catalyst dearth
Risk-off sentiment drives players to sell more actively in the middle of the yield curve.
By Metrobank Local Currency Trading Department and Janssen Roman
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What happened last week
The Local Government Securities (GS) market last week saw weak to moderate trading activity.
A lack of catalysts prompted players to stay on the sidelines or de-risk their positions amid growing concerns over US President Donald Trump’s tariff policies.
Last week’s trading started sideways. The T-bill auction saw strong demand for the 3- and 6-month tenor, with yields falling by 4 to 6 bps from the preceding week’s auction or close. The 1-year bill, on the other hand, was awarded 1.6 bps higher compared to the prior week. Some buying interest was also seen for FXTN 25-7 (11Y), which yielded 5 bps lower or 6.10% over the previous week’s figures.
Mid-week, players were de-risking amid news of US trade policies and chatter of a jumbo issuance from the Bureau of the Tre
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