Local Government Securities Market
Follow-through buying was seen from early in today's sessions as buyers were still likely those reinvesting the proceeds of yesterday's Php 50.0 Bn FXTN maturity. After the initial buying spree, a bit of correction was seen as some players were already seen taking profits from the previous sessions' rally. At close, short-end yields are still down 3.5 - 6.5 bps. The long-ends, meanwhile, had little activity but a few mapped trades were seen on the longest bond, FXTN 25-11 with 23.3 years at the 5.25% level. With the market putting liquidity to work today, a total of more than Php 30 Bn worth of deals were recorded.
Momentum from the past two sessions may carry over to tomorrow. We may still see good activity as trading volume today was highest in a while.