Philip Sov Curve Flattens, PHP Move Not Large Enough To Impact Policy

The Philip sov debt curve has bear-flatten today, with yields 1-4bps higher. Earlier Bangko Sentral ng Pilipinas Governor Eli Remolona entioned the recent slide in the PHP isn't large enough to impact monetary policy.

• The PHILIP curve has bear-flattened today, with front-end yields up 2-4bps, while the longer end is mostly unchanged, the 2Y yield 4bps higher at 5.09%, 5Y yield is 3bps higher at 5.355%, 10Y yield is unchanged at 5.50%, while 5yr CDS is unchanged to 69bps.
• Moves over the past week have been large with the 2y now 26bps higher, 5y now 35bps higher and the 10yr now 40bps higher.
• The Philip to US Treasury has tighten over the past day with the 2y now 9bps (-3bp), the 5yr is 63bps (-3bps), while the 10yr is 84bps (-1.5bp).
• Cross-asset moves: the USD/PHP is up 0.50% at 57.285, PSEi Index is up 0.57%, while US Tsys yields are mostly unchanged.
• Looking Ahead, Balance Of Payments Overall on Friday