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Government debt yields rise on surprise hike - BusinessWorld Online

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YIELDS on government securities (GS) climbed last week after the Bangko Sentral ng Pilipinas’ (BSP) off-cycle move to raise benchmark interest rates by a hefty 75 basis points (bps).

YIELDS on government securities

The rates at the short end of the curve went up, with the rates of the 91-, 182- and 364-day Treasury bills increasing by 8.98 bps, 21.96 bps, and 17.81 bps, respectively, to 1.9413%, 2.6167%, and 2.8709%.ve-, and seven-year Treasury bonds saw their yields climb by 11.31 bps , 1.26 bps , 0.48 bp , 7.01 bps , and 5.17 bps , respectively.

“Yields likewise rose from growing market views of at least a 75-bp rate hike from the US Federal Reserve from the latest release of strong labor and inThe central bank, in a surprise move on Thursday, announced an immediate massive 75-bp hike in benchmark rates to help fight surging inflation. It was the largest increase on record and was the BSP’s first off-cycle action since April 16, 2020.

“However, potentially downbeat US housing and manufacturing reports could exert some downward pressure on bond yields,” the trader said.

Source: Loan Digest (loandigest.net)

 

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