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PHILIP Sovs Curve Little Changed, BoP Surplus

PHILIPPINES
  • The PHILIP curve is little changed today, yields are 1-3bps with the belly of the curve selling off a touch, the 2Y yield in unchanged at 5.085%, 5Y yield is 2bps higher at 5.32%, 10Y yield is 1bps higher 5.42%, while 5yr CDS spiked earlier on new of Missiles hitting Iran we hit a high of 73bps and now trade 4bps higher for the day at 69bps.
  • The Philip to US Treasury spread difference is little changed in the front-end while the long-end widen with the 2y is 16bps (unchanged), the 5yr is 73bps (+4bps), while the 10yr is 87bps (+4bp).
  • Cross-asset moves: the USD/PHP is up 0.60% at 57.545 and now the weakest level since Nov 2022, PSEi Index is up 1.54%, while US Tsys yields are 5-9bps lower.
  • In March, the Philippines recorded a balance of payments surplus of $1.17 billion, a turnaround from the $196 million deficit in February, as reported by the Bangko Sentral ng Pilipinas. The balance of payments surplus for January to March amounted to $238 million, contrasting with the $3.453 billion surplus reported a year earlier.
  • Looking Ahead, Balance Of Payments Overall on Friday
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