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Peso GS Weekly: Looking for meaningful catalysts in the bond market
Our overall long-term view is still for rates to head lower when the central bank starts monetary policy easing later this year.
By Patty Membrebe, Metrobank Government Securities Trading Department
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WHAT HAPPENED LAST WEEK
Yields of peso government securities (GS) traded within a relatively tight range throughout the previous week with most investors awaiting major catalysts that would convincingly move yields higher or lower.
The 9- to 10-year tenor bucket saw buying momentum last week, with 9-year FXTN 10-69 and 10-year FXTN 10-71 seeing lows of 6.195% and 6.175% respectively. Both bonds ended the week unchanged to 3 basis points (bps) higher for the week, as US Treasuries continued to trade sideways.
The newly issued RTB 5-18 traded heavily on good two-way interest near its coupon rate of 6.250%, as selling interest from dealers looking to trim positions was quickly met with opportunistic buying.
Elsewhere, the Dutch auction for the new 20-year bond FXTN 20-26 saw good demand as it
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