Local Government Securities Market
Yields moved sideways with downward bias of up to 4 basis points as a bit of buying interest was seen on the end-user side. Activity remained focus on the short-end (2.8 - 8.22 years) jumbo bonds amidst cautiousness on direction of rates moving forward. RTB 3-8 was down by just .75 bps today to close at 3.4825% while FXTN 10-60 was unchanged at 4.3895%. Late in the afternoon, the market appeared to have just shrugged off MB meeting results after coming out just as expected. Volume today was steady at Php 12.4 Bn turnover.
We may expect just minimal trading activity tomorrow amidst lack of fresh leads. Long weekend ahead may also just keep players on the sidelines. Looking ahead to next week, the BTr will re-issue Php 15.0 Bn of FXTN 20-21 (coupon: 5.25%) on Tuesday.