Debt yields, which move inversely to prices, increased by an average of 6.47 basis points week on week, based on the PHP Bloomberg Service Reference Rates as of Aug. 26, published on the Philippine Dealing’s Website.
At the long end of the curve, yields on the 10-, 20-, and 25-year papers rose by 7.96 bps , 0.38 bp , and 0.21 bp . “Moreover, market players also seemed tied up for the book-building process for the government’s retail Treasury bond offering,” the trader said. The government last week raised an initial P162.72 billion from the price-setting auction for its offer of 5.5-year retail bonds as tenders reached P225.32 billion, or more than seven times the P30-billion plan.
Mr. Powell said the Fed will raise rates as high as needed and would keep them there “for some time” to bring down inflation. A second bond trader said they expect another hike of 50-75 bps at that meeting following the Fed chief’s hawkish tone.
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