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PHILIP Sovs Curve Flattens, Budget Balance Tomorrow

PHILIPPINES
  • The PHILIP curve is slightly flatter today, yields are 1-3bps lower, the 2Y yield is unchanged at 5.175%, 5Y yield is 2bps lower at 5.31%, 10Y yield is 3bps lower 5.45%, while 5yr CDS is down 1bp at 66.5bps.
  • The Philip to US Treasury spread difference is a touch wider in the front-end with the 2y is 20bps (+4bps), the 5yr is 69.5bps (+0.5bp), while the 10yr is 84bps (+1bp).
  • Cross-asset moves: The USD/PHP is down 0.11% at 57.48, the PHP trades just off mulit-year lows, PSEi Index is up 0.96%, while US Tsys yields are unchanged
  • Looking Ahead, Budget Balance on Wednesday

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