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Sov Curve Steepens, US Plans Chips & Nickel Deal With Philippines

PHILIPPINES
EM BulletHomepagemarkets-real-timeBulletEmerging Market News
  • Curve have bull-steepened today, as yields continue to edge higher post US CPI, the 2Y yield is 2bps lower at 4.98%, 5Y yield is 1bps higher at 5.23%, 10Y yield is 2bp higher at 5.31%, while 5yr CDS is 1bp higher to 65bps.
  • Looking back over the week the 2y is 18bps higher, 5y is 23bps higher, while the 10y 21bps higher.
  • The Philip to US Treasury spread difference has tighten over the past week with the front-end & long-end is now at the tightest levels since June 2023, the belly of the curve lags with the 5-7yr area off YtD tights, the 2y is 4.5bps (+0.5bp), the 5yr is 62bps (+2bps), while the 10yr is 74bps (-1bp).
  • Cross-asset moves: the USD/PHP is unchanged at 56.493, PSEi Index is 0.40% lower, Corporate Credit curve is 7-17bps higher over the week with the front-end selling off, while US Tsys yields are 1-3bps lower as the curve steepens.
  • (Bloomberg) Biden Vows to Back Japan, Philippines as China Jolts Allies (See link)
  • (Bloomberg) US Plans Chips, Nickel Deals in Philippines as Defense Ties Grow (See link)
  • Looking Ahead, Overseas Cash Remittances on Monday
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  • Curve have bull-steepened today, as yields continue to edge higher post US CPI, the 2Y yield is 2bps lower at 4.98%, 5Y yield is 1bps higher at 5.23%, 10Y yield is 2bp higher at 5.31%, while 5yr CDS is 1bp higher to 65bps.
  • Looking back over the week the 2y is 18bps higher, 5y is 23bps higher, while the 10y 21bps higher.
  • The Philip to US Treasury spread difference has tighten over the past week with the front-end & long-end is now at the tightest levels since June 2023, the belly of the curve lags with the 5-7yr area off YtD tights, the 2y is 4.5bps (+0.5bp), the 5yr is 62bps (+2bps), while the 10yr is 74bps (-1bp).
  • Cross-asset moves: the USD/PHP is unchanged at 56.493, PSEi Index is 0.40% lower, Corporate Credit curve is 7-17bps higher over the week with the front-end selling off, while US Tsys yields are 1-3bps lower as the curve steepens.
  • (Bloomberg) Biden Vows to Back Japan, Philippines as China Jolts Allies (See link)
  • (Bloomberg) US Plans Chips, Nickel Deals in Philippines as Defense Ties Grow (See link)
  • Looking Ahead, Overseas Cash Remittances on Monday