Peso GS Weekly: Take advantage of rallies
Buying bonds at current levels is advisable, especially for bonds of longer tenors.

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WHAT HAPPENED LAST WEEK
Volatility took over the local government securities (GS) market, with most benchmark tenors ending scattered from 2.5 basis points (bps) lower to 10.5 bps higher. Initially, the local GS market saw better buying after the Bureau of the Treasury’s (BTr) 5-Year auction of Fixed Rate Treasury Note (FXTN) 7-67 came out stronger, with players flocking to the secondary market given the reduced auction offering of PHP 15 billion from PHP 30 billion.
On Tuesday, the 5-Year bond was awarded below market indications at an average rate of 5.508% and a high of 5.525%. The auction was also fully awarded with strong market participation of more than five times the offered volume. However, buying momentum proved to be short-lived as market players saw an opportunity to take profi
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