Peso GS Weekly: Profit-taking at the belly
Players began picking tops ahead of potential BSP easing, some took profit before US NFP release

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WHAT HAPPENED LAST WEEK
The local government securities (GS) market started the week muted on lack of catalysts to significantly influence yields. Players remained on the sidelines ahead of the week’s key risk events.
Elsewhere, the Bureau of Treasury (BTr) fully awarded offers at their Treasury bill (T-bill) auction. Good demand was seen for the 3-month bill, as it was awarded at roughly 2 basis points (bps) lower than the previous auction. Meanwhile, the 6-month and 1-year bills were awarded at yields 2.5 and 3bps higher, respectively.
There were no bond auctions last week. The local GS market continued to trade sideways ahead of the local Consumer Price Index (CPI) print on Thursday. Most activity for the week was seen in the 5-Year benchmark bond, Retail Treasury Bond 5-18.
Mid-week, t
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