Philippines Sov Curve Little Changed, Spread Diff Continues To Tighten

The Philippines USD sovereign debt curve is little changed on Wednesday. There has been very little in the way of markets headlines out of Philippines this week.

• The PHILIP curve is mostly unchanged on Wednesday out-performing the move higher by US treasuries yields, the 2Y yield is unchanged at 4.84%, 5Y yield is unchanged at 5.00%, the 10Y yield is 2bp higher at 5.10%, while 5yr CDS is 2bp higher at 66.5bps.
• The PHILIP to UST spread continues to tighten with the front-end nearing YTD tights, the 2y is 13.5bps (-1bps), the 5yr is 65.5bps (-1bp), while the 10yr is 74.5bps (-0.5bps)
• Cross-asset moves: USD/PHP is 0.06% higher at 56.355, the PSEi is 0.91% lower, while US Tsys curves are largely unchanged for the day with yields flat to 0.5bp higher.
• The Philippines achieved milestone with a net trade surplus of USD2.45 billion in travel last year, signaling a positive outlook for its tourism industry. This surplus, along with surpassing the USD100 billion export mark for goods and services, reflects the country's resilience and potential as a major economic player, bolstered by strong performance in travel services and ongoing efforts to strengthen tourism promotion.
• Looking Ahead: CPI is due out on Friday