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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
economy-ss-8
Inflation Update: Weak demand softens shocks
July 4, 2025 DOWNLOAD
948 x 535 px AdobeStock_433552847
Economic Updates
Monthly Economic Update: Fed cuts incoming   
June 30, 2025 DOWNLOAD
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
View all Reports
Rates & Bonds 2 MIN READ

Peso GS Weekly: GS yield curve may steepen further

We continue to recommend staying nimble and opportunistically bid in the upcoming auctions of the Bureau of the Treasury (BTr) in order to buy longer-term bonds.

May 2, 2024By Geraldine Wambangco and Metrobank Local Currency Trading Department
Front view of the façade of the Bureau of the Treasury in Intramuros

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WHAT HAPPENED LAST WEEK

Risk appetite in peso government securities (GS) continued to remain poor due to higher US Treasury yields combined with the further depreciation of the peso against the US dollar.

For the week, the average trading volume of the local GS market was only around PHP 13 billion, which is way lower than the usual PHP 30 billion. With analysts pushing back the first potential interest rate cut for the US Federal Reserve from September to December, the front end of the curve saw decent volume for the week as players were mostly selling their short-term bonds during the latter part of the week.

Retail Treasury Bond (RTB) 5-13 traded higher by 10 basis points (bps) week-on-week (WoW) and saw the bulk of the volume for front dated bonds. RTB 5-18 saw decent buying and sellin

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