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Peso GS Weekly: Local yields continue to rally
The central bank’s 25-bp policy rate cut is driving market activity with better sellers leading the way.
By Metrobank Local Currency Trading Department and Maria Christina Virtudazo
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WHAT HAPPENED LAST WEEK
To start the week, price action was initially range-bound with movements more dependent on local factors despite the packed US economic calendar. Even though US Treasury yields closed higher on good economic data, the local government securities (GS) market saw better buying. Market participants also remained split at first on whether the Bangko Sentral ng Pilipinas (BSP) will adjust key policy rates in their August Monetary Board (MB) meeting given the latest hawkish statements of BSP Governor Eli Remolona Jr. after the July Consumer Price Index (CPI) print and 2nd quarter Gross Domestic Product (GDP) results were released.
On Tuesday, the Bureau of the Treasury (BTr) fully awarded the reissuance of the 7-Year Fixed Rate Treasury Note (FXTN) 20-17 at an average of
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