DAILY MARKET EDGE
Wednesday, May 25, 2011
DAILY MARKET EDGE Latest Auction Results TBills Ave. Prev. Vol. 91D 1.889 0.568 1.400 182D 0.95 0.898 3.500 364D 2.032 1.968 8.740
RP Benchmark Date TBIlls 05/24/11 3MO 1.312% 05/24/11 6MO 0.946% 05/24/11 1YR 1.126%
FXTN 2YR 5YR 7YR 10YR 20YR 25YR
Date 05/24/11 05/24/11 05/24/11 05/24/11 05/24/11 05/24/11
Cpn 8.500 4.625 5.875 6.500 11.250 8.000
Prev. 8.500 4.625 5.875 6.125 8.750 8.000
Vol. 5.000 9.000 9.000 9.000 9.000 9.000
FXTN 2YR 3.932% 5YR 5.562% 7YR 6.169% 10YR 6.604% 20YR 8.090% 25YR 8.017%
PDS Summary $/Php 5/24/2011 Open 43.470 High 43.500 Low 43.360 Close 43.400 Ave. 43.424 Vol. 730.930
5/23/2011 43.205 43.440 43.205 43.430 43.349 867.430
Asian Currencies As of 5/25/11 10:38 AM $/CURR BID OFFER JPY 81.966 81.976 IDR 8580 8585 SGD 1.248 1.249 TWD 28.920 28.935 THB 30.430 30.465 HKD 7.776 7.777
TREASURY DIRECTORY Raffy Algarra
Raul Pedro
Asset & Liability Management (ALM) Sheila Gomez
888-7026
Kris Vainio
888-7028 888-7649
CURRENCIES UPDATE
Ella Villame
Philippine Government Securities
USD/PHP
Fixed Income Trading ($)
GS rates ended slightly lower by 1-2 bps after the 4
Dollar closed slightly lower yesterday at 43.40 against
year auction was slightly lower than market
previous of 43.43. the pairing traded higher in the morning
expectations. The 4 years fetched a rate of 5.21%
on fixing demand and risk aversion in the morning trade.
compared to market expectations of 5.25%. The 3
Lesser risk aversion in the afternoon, pushing the pair to
years closed at 4.925%, the 5 years at 5.25% and the
close near the low as majors recovered a bit. Overnight, the
10 years at 6.31%. Rates are still expected to trade in a
pairing traded sideways following movements of the
tight range.
majors and regional currencies. Range 43.20-43.50.
RP Yield Curve
USD/PHP Full Year Graph
888-7033
Bong Cabral
888-7032
Fixed Income Trading (Php) Alan Atienza
888-7031
Dino Aquino
888-7044
Adrian Ching
888-7021
Jason Yap
888-7042
JR Ladaban
888-7027
Foreign Exchange (FX) Jon Velasquez
888-7021
Glenn Jao
888-7025
Jennie Cao Melon
888-7024
Fixed Income Securities Division (FISD)
Mylene Subido
888-7046
5/4/2011
4/4/2011
3/4/2011
2/4/2011
1/4/2011
12/4/2010
11/4/2010
10/4/2010
9/4/2010
8/4/2010
7/4/2010
SVP
6/4/2010
9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00
Andre’ Ibarra
Derivatives Desk
50 49 48 47 46 45 44 43 42 41 40 5/4/2010
a month ago
888-7042
SVP
INTEREST RATES UPDATE
last yield
888-7030
EVP - Treasurer
Philippine Sovereign USD Bonds
Major Currencies
ROP were rangebound tracking movements in US
Majors traded higher towards the Asian close, off lows on
Treasury yields. US Treasury yields were rangebound
easing risk aversion. Moody’s placed 14 UK banks under
awaiting the fate of Greece and shrugging off the
review pushing the GBP to touch lows. German IFO surprises
better than expected new home sales. There was good
on the upside, giving strength to the GBP to rebound off
demand in the $35bio two-year note auction with a bid
lows to trade back to 1.61 levels from 1.60’s level.
cover ratio of 3.46x (against 3.37x average in the past
Overnight, market traded mixed, juggling risk on and risk
auctions). We expect ROP prices to be rangebound with
off thru London and New York. Rate hike factors from the
a slight downward bias due to risk aversion.
Branch Sales Johanna Songco Hernandez
888-7003
Cheche Serrano
888-7007
Lara Martirez
888-7006
Product Development
Inventory Management Adie Go
888-7728
Institutional Sales Carlyn Therese Dulay
888-7029
Chicco Gomez
888-7001
ECB gave some support for the majors. Later, market will
Nescyn Presinede
888-7002
watch for durable goods from the US.
Gia Guiyab
888-7043
Bea Angeles
888-7170
FX / Money Market Sales
NY RANGE: EUR/USD:
1.4134-1.4110
888-7015
AVP
GBP/USD:
1.6210-1.6182
USD/JPY:
82.22-81.90
Francis Buenaventura
888-7014
EUR/JPY:
116.18-115.56
Carlo Cabral
888-7016
Sam Young
888-7017
Chiqui Carlos
888-7018
TERM OF THE DAY Panel Bank - The name given to the group of banks contributing to the Euro Interbank Offer Rate (EURIBOR). This group is made up of the la rgest participants within the Euro money market. The panel bank complies daily quotes on the interest rates that banks offer one anoth er for overnight loans. The resulting figure, the EURIBOR, is similar to London Interbank Offered Rate (LIBOR). The EURIBOR is used as a refer ence rate for bonds, swaps, loans and other instruments. * Information provided in this report accurately reflect the personal views of the specialists. No responsibility is accepted for errors or omissions, or
for any consequences arising there from.
Sheilagh Rivera
Hedging and Financial Solutions Div. Raul Victor De Guzman
888-7012
SAVP Aileen Chua
888-7018
Robin Galang
888-7088
Treasury - Visayas Sales Desk Marven Tapispisan
32-2361974
Treasury – North Luzon Sales Desk 045-6241197 Charlene V. Oñate
DAILY MARKET EDGE Latest Auction Results TBills Ave. Prev. Vol. 91D 1.889 0.568 1.400 182D 0.95 0.898 3.500 364D 2.032 1.968 8.740
RP Benchmark Date TBIlls 05/24/11 3MO 1.312% 05/24/11 6MO 0.946% 05/24/11 1YR 1.126%
FXTN 2YR 5YR 7YR 10YR 20YR 25YR
Date 05/24/11 05/24/11 05/24/11 05/24/11 05/24/11 05/24/11
Cpn 8.500 4.625 5.875 6.500 11.250 8.000
Prev. 8.500 4.625 5.875 6.125 8.750 8.000
Vol. 5.000 9.000 9.000 9.000 9.000 9.000
FXTN 2YR 3.932% 5YR 5.562% 7YR 6.169% 10YR 6.604% 20YR 8.090% 25YR 8.017%
PDS Summary $/Php 5/24/2011 Open 43.470 High 43.500 Low 43.360 Close 43.400 Ave. 43.424 Vol. 730.930
5/23/2011 43.205 43.440 43.205 43.430 43.349 867.430
Asian Currencies As of 5/25/11 10:38 AM $/CURR BID OFFER JPY 81.966 81.976 IDR 8580 8585 SGD 1.248 1.249 TWD 28.920 28.935 THB 30.430 30.465 HKD 7.776 7.777
TREASURY DIRECTORY Raffy Algarra
Raul Pedro
Asset & Liability Management (ALM) Sheila Gomez
888-7026
Kris Vainio
888-7028 888-7649
CURRENCIES UPDATE
Ella Villame
Philippine Government Securities
USD/PHP
Fixed Income Trading ($)
GS rates ended slightly lower by 1-2 bps after the 4
Dollar closed slightly lower yesterday at 43.40 against
year auction was slightly lower than market
previous of 43.43. the pairing traded higher in the morning
expectations. The 4 years fetched a rate of 5.21%
on fixing demand and risk aversion in the morning trade.
compared to market expectations of 5.25%. The 3
Lesser risk aversion in the afternoon, pushing the pair to
years closed at 4.925%, the 5 years at 5.25% and the
close near the low as majors recovered a bit. Overnight, the
10 years at 6.31%. Rates are still expected to trade in a
pairing traded sideways following movements of the
tight range.
majors and regional currencies. Range 43.20-43.50.
RP Yield Curve
USD/PHP Full Year Graph
888-7033
Bong Cabral
888-7032
Fixed Income Trading (Php) Alan Atienza
888-7031
Dino Aquino
888-7044
Adrian Ching
888-7021
Jason Yap
888-7042
JR Ladaban
888-7027
Foreign Exchange (FX) Jon Velasquez
888-7021
Glenn Jao
888-7025
Jennie Cao Melon
888-7024
Fixed Income Securities Division (FISD)
Mylene Subido
888-7046
5/4/2011
4/4/2011
3/4/2011
2/4/2011
1/4/2011
12/4/2010
11/4/2010
10/4/2010
9/4/2010
8/4/2010
7/4/2010
SVP
6/4/2010
9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 0.00
Andre’ Ibarra
Derivatives Desk
50 49 48 47 46 45 44 43 42 41 40 5/4/2010
a month ago
888-7042
SVP
INTEREST RATES UPDATE
last yield
888-7030
EVP - Treasurer
Philippine Sovereign USD Bonds
Major Currencies
ROP were rangebound tracking movements in US
Majors traded higher towards the Asian close, off lows on
Treasury yields. US Treasury yields were rangebound
easing risk aversion. Moody’s placed 14 UK banks under
awaiting the fate of Greece and shrugging off the
review pushing the GBP to touch lows. German IFO surprises
better than expected new home sales. There was good
on the upside, giving strength to the GBP to rebound off
demand in the $35bio two-year note auction with a bid
lows to trade back to 1.61 levels from 1.60’s level.
cover ratio of 3.46x (against 3.37x average in the past
Overnight, market traded mixed, juggling risk on and risk
auctions). We expect ROP prices to be rangebound with
off thru London and New York. Rate hike factors from the
a slight downward bias due to risk aversion.
Branch Sales Johanna Songco Hernandez
888-7003
Cheche Serrano
888-7007
Lara Martirez
888-7006
Product Development
Inventory Management Adie Go
888-7728
Institutional Sales Carlyn Therese Dulay
888-7029
Chicco Gomez
888-7001
ECB gave some support for the majors. Later, market will
Nescyn Presinede
888-7002
watch for durable goods from the US.
Gia Guiyab
888-7043
Bea Angeles
888-7170
FX / Money Market Sales
NY RANGE: EUR/USD:
1.4134-1.4110
888-7015
AVP
GBP/USD:
1.6210-1.6182
USD/JPY:
82.22-81.90
Francis Buenaventura
888-7014
EUR/JPY:
116.18-115.56
Carlo Cabral
888-7016
Sam Young
888-7017
Chiqui Carlos
888-7018
TERM OF THE DAY Panel Bank - The name given to the group of banks contributing to the Euro Interbank Offer Rate (EURIBOR). This group is made up of the la rgest participants within the Euro money market. The panel bank complies daily quotes on the interest rates that banks offer one anoth er for overnight loans. The resulting figure, the EURIBOR, is similar to London Interbank Offered Rate (LIBOR). The EURIBOR is used as a refer ence rate for bonds, swaps, loans and other instruments. * Information provided in this report accurately reflect the personal views of the specialists. No responsibility is accepted for errors or omissions, or
for any consequences arising there from.
Sheilagh Rivera
Hedging and Financial Solutions Div. Raul Victor De Guzman
888-7012
SAVP Aileen Chua
888-7018
Robin Galang
888-7088
Treasury - Visayas Sales Desk Marven Tapispisan
32-2361974
Treasury – North Luzon Sales Desk 045-6241197 Charlene V. Oñate
