Philippines Sov Debt Yields Edge Lower, Curve Bull-Flattens

The Philippines USD sovereign debt curve has bull-flattened today, the front-end is largely unchanged while long-end yields trades 3-5bps lower. Little in the way of market headlines today.

• The PHILIP curve is steeper today with yields 1 to 5bps lower, the 2Y yield is 1bps lower at 4.765%, 5Y yield is unchanged at 4.94%, the 10Y yield is 5bp lower at 4.955%, while 5yr CDS is 1bp higher at 62bps.
• The PHILIP to UST spread difference significantly tighten over the past week, although we are opening this week a touch wider, 2y is 17bps (+2bps), the 5yr is 71bps (+2bp), while the 10yr is 76.5bps (+2bps)
• Cross-asset moves: the USD/PHP is unchanged at 56.310, PSEi Index is down 0.50%, Corporate Credit curve is 1-6bps lower over the past week, while US Tsys yields are about 1bps higher
• The Bangko Sentral ng Pilipinas has rescheduled the Monetary Board's rate-setting meeting from April 4 to April 8 to await the release of March CPI data, which will be available on April 5. The press briefing to announce the rate decision will also take place on April 8. This follows a previous rescheduling in February when some board members were attending a wedding.
• Looking Ahead: Calendar is light for the remainder of the month