YIELDS on government securities (GS) climbed last week after the economy grew faster than expected last quarter, which bolstered expectations of further aggressive tightening by the central bank.
Rates on government debt traded at the secondary market rose by an average of 19.41 basis points week on week, based on the PHP Bloomberg Valuation Service Reference Rates as of Nov. 11 published on the Philippine Dealing System’s website.
At the long end of the curve, yields on the 10-, 20-, and 25-year T-bonds increased by 17.41 bps , 26.43 bps , and 51.22 bps . The second bond trader said yields climbed after the US Federal Reserve’s 75-bp rate hike earlier this month and Bangko Sentral ng Pilipinas Governor Felipe M. Medalla’s statements that they will match the Fed’s move at their meeting this week.erential between the Fed and the BSP, there was some noise about an out-of-cycle hike from the BSP, but given the peso’s performance since the Fed hike, there would be little upside for the BSP to do so and allows it to wait for Nov.
For the first 10 months, inflation averaged 5.4%, still lower than the BSP’s 5.6% full-year forecast but higher than its 2-4% target.
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