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Philippines Sov Debt Curve Steepens, Cash Remittances Beat

PHILIPPINES
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
  • Curve has bear-steepened today, yields are 2-3bps higher with the 2Y yield is 1.5bps higher at 5.02%, 5Y yield is 1bps higher at 5.235%, 10Y yield is 2bp higher at 5.31%, while 5yr CDS is 1bp higher to 66.5bps.
  • The Philip to US Treasury spread has move just off its tightest levels, with the the 2y 9bps (+3.5bp), the 5yr is 65bps (+3bps), while the 10yr is 75.5bps (+1.5bp).
  • Cross-asset moves: the USD/PHP is up 0.43% at 56.781, PSEi Index is down 1.26% Corporate Credit curve is 10-14bps higher over the week with the front-end selling off, while US Tsys yields are 2-4bps lower as the curve steepens.
  • In February, the Philippines experienced a higher-than-expected increase in overseas cash remittances, rising by 3.0% year-on-year compared to economists' estimates of 2.4%. Despite the decline from January's figure of $2.836 billion to $2.646 billion, the cumulative remittances for January to February totaled $5.481 billion, reflecting a 2.8% year-on-year increase.
  • (Bloomberg) Philippines's Consumer Sentiment Index Improves in Q1, Outlook Drops for Q2 (See link)
  • Looking Ahead, Balance Of Payments Overall on Friday
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  • Curve has bear-steepened today, yields are 2-3bps higher with the 2Y yield is 1.5bps higher at 5.02%, 5Y yield is 1bps higher at 5.235%, 10Y yield is 2bp higher at 5.31%, while 5yr CDS is 1bp higher to 66.5bps.
  • The Philip to US Treasury spread has move just off its tightest levels, with the the 2y 9bps (+3.5bp), the 5yr is 65bps (+3bps), while the 10yr is 75.5bps (+1.5bp).
  • Cross-asset moves: the USD/PHP is up 0.43% at 56.781, PSEi Index is down 1.26% Corporate Credit curve is 10-14bps higher over the week with the front-end selling off, while US Tsys yields are 2-4bps lower as the curve steepens.
  • In February, the Philippines experienced a higher-than-expected increase in overseas cash remittances, rising by 3.0% year-on-year compared to economists' estimates of 2.4%. Despite the decline from January's figure of $2.836 billion to $2.646 billion, the cumulative remittances for January to February totaled $5.481 billion, reflecting a 2.8% year-on-year increase.
  • (Bloomberg) Philippines's Consumer Sentiment Index Improves in Q1, Outlook Drops for Q2 (See link)
  • Looking Ahead, Balance Of Payments Overall on Friday