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Peso GS Weekly: Stay at the front-end
Players focus more on short-dated bonds amid lack of market-moving catalysts.
By Metrobank Local Currency Trading Department and Maria Christina Virtudazo
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What happened last week
The local government securities (GS) market started last week with better prices, following a rally in US Treasuries due to weak January US retail sales data. Institutional and retail players continued favoring short-dated bonds while de-risking in medium- to long-dated bonds. Elsewhere, Treasury bill (T-bill) yields climbed, as weaker auction interest pushed the 3-month T-bill rate up by 19 basis points (bps) to 5.318%, reflecting market caution after the Bangko Sentral ng Pilipinas’ (BSP) decision to hold off on rate cuts.
GS yields remained relatively steady amid a lack of new market-moving catalysts. Last Tuesday, the Bureau of the Treasury (BTr) fully awarded PHP 30 billion of the 10-Year benchmark, Fixed Rate Treasury Note (FXTN) 10-72, at an average rate of 6
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