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Wednesday, November 25, 2015

DAILY MARKET EDGE


TBills
91D
182D
364D

Latest Auction Results


Ave.
Prev.
0.217
0.04
0.398
0.216
0.602
0.307

FXTN
2YR
5YR
7YR
10YR
20YR
25YR

Cpn
8.500
2.125
3.875
4.000
3.625
5.750

Prev.
8.500
4.125
3.875
4.000
5.750
7.625

RP Benchmark
Date
TBIlls
11/24/15 3MO
2.225%
11/24/15 6MO
2.928%
11/24/15
1YR
3.690%

Vol.
4.000
4.750
4.465
Vol.
5.000
30.000
25.000
25.000
25.000
9.000

Date
11/24/15
11/24/15
11/24/15
11/24/15
11/24/15
11/24/15

FXTN
2YR
4.257%
5YR
3.925%
7YR
4.615%
10YR 4.076%
20YR 5.488%
25YR 4.994%

PDS Summary
$/Php
11/24/2015
Open
47.180
High
47.200
Low
47.070
Close
47.100
Ave.
47.134
Vol.
532.000

Philippine Government Securities

USD/PHP

Yesterday, USD PHP closed 12 centavos lower at 47.10


from previous close of 47.22
The pair traded lower as we saw a weaker greenback
against majors and other Asian currencies. USD PHP
opened at 47.18 and traded from 47.07-47.20 for the
whole day. It was a quiet day as volume traded fell to 532
mio from Mondays 748.00 mio. CB was not seen in the
market. Today, we expect the pair to trade sideways with
a slight downward bias as we saw a weaker USD
overnight. Range: 46.90-47.20

Sheila Gomez

888-7026

Kris Vainio

888-7028

Chantille Cheng

888-7031

Denise Dimaunahan

888-7022

Nico Cruz

888-7036

Ramon Arriola

888-7027

Rossanna Jane Refuerzo

888-7728

Noel Ricardo Reyes

867-6788
Loc. 7072

Angelo Bucag

888-7074

Foreign Exchange (FX)


Armand Barlis

867-6788
Loc. 7058

Jonathan Edric Kintanar

888-7032

Michelle Cua

888-7025

Chicco Gomez

888-7129

Adrian Ching

888-7021

Maria Carmina Padua

888-7042

Swaps

10/20/2015

8/20/2015

6/20/2015

4/20/2015

2/20/2015

Jennie Cao Melon

10/20/2014

6.00
5.00
4.00
3.00
2.00
1.00
0.00

888-7033

Fixed Income Trading / Inventory Mgt

50
49
48
47
46
45
44
43
42
41
40

a month ago

Andre Ibarra

Derivatives

12/20/2014

last yield

888-7061

EVP- Treasurer

ROPs

USD/PHP Full Year Graph


RP Yield Curve

TREASURY DIRECTORY
Raul Pedro

Asset & Liability Management (ALM)

CURRENCIES UPDATE

GS market closed yesterday around 2-4bps on the long end of the curve. We
saw some trades to service client demand were we saw bid-offer spreads
tightened a bit with good volume. Most players still unresponsive with the
slightly lower yields given the lack of leads. Although some were seen
picking up a bit in the afternoon with the levels as both treasuries and
equities saw some stability retracing from the initial selling. Most likely
some speculative move as we moved towards GDP on Thursday. We expect
market to continue range trading at the current levels . 10-60 closed at
4.075%; 2017 at 4.535%; and 2511 at 4.925%.

Asian Currencies
As of
11/25/15 9:02 AM
$/CURR
BID
OFFER
JPY
122.450
122.460
IDR
13636
13665
SGD
1.407
1.408
TWD
32.500
32.507
THB
35.680
35.703
HKD
7.750
7.750

SVP - Chief Dealer

INTEREST RATES UPDATE

Market volume: 12.413bln

11/23/2015
47.000
47.220
47.000
47.220
47.147
748.000

888-7024

IRS & USTs


Al Kasunuran

888-7034

Miguel Antonio Diego

888-7649

Fixed Income Securities Distribution (FISD)

Philippine Sovereign USD Bonds

Major Currencies

Risk off trades seen late in the afternoon yesterday after the news
on Russian jet shot down near the Syrian border. Index futures seen
in the reds, spreads widened while US Treasuries are down by 2-2.5
bps. ROP 40 given from 101.875.-101.55, ROP 24new from 109.125109 and Indon 45 given until 91.375 closing 0.375-0.75 lower from
previous days close. Overnight, gains in the US Treasuries were
retraced on stronger US GDP bringing the curve to bear steepen.
Expecting slight downward bias still on credits as market watches
out for the $29bio 7-year note auction and a slew of data ahead of
the Thanksgiving holiday MBA Mortgage Applications, Personal
Income, PCE Deflator, Durable Goods Orders, Initial Jobless Claims,
House Price Index, Markit US Services PMI, New Home Sales.

PHILIP 9 17
PHILIP 4 21
PHILIP 4.2 24
PHILIP 6 34
PHILIP 5 37
PHILIP 3.95 40

BID PX

OFFER PX

BID YLD

OFFER YLD

109.250
108.375
108.750
132.000
117.375
101.500

109.750
108.750
109.000
132.500
117.875
101.750

0.490%
2.230%
2.850%
3.950%
3.770%
3.830%

0.200%
2.090%
2.800%
3.920%
3.770%
3.820%

Retail Sales

The USD traded flat vs G10 yesterday. The market


seems to have priced in a December Fed rate hike
and attention should now focus on the velocity of
normalization. Market also is expecting additional
QE from the ECB this December a day before US
NFP. Overnight seeing currencies make some gains
on what seems to be profit taking. Today market will
watch out for US- Durable goods Orders, Initial
Jobless Claims, Housing Price Index, Markit Services
PMI and New Home Sales.
Range
EUR/USD:
GBP/USD:
USD/JPY:
EUR/JPY:
AUD/USD:
USD/CAD:

1.0629 1.0673
1.5054 1.5115
121.31 122.62
130.20 130.68
.7205 - .7258
1.3285 1.3368

Johanna Songco Hernandez

888-7003

Melissa Serrano

888-7007

Jom Salazar

888-7008

Abby Capacio

888-7006

Bridget Anne Real

888-7038

Institutional Sales
Carlyn Therese Dulay

888-7029

Hazel Beatrize De Vera

888-7001

Angeline Sia

888-7002

Rachel Anne Guerrero

888-7170

FX Rates and Hedging (FXRH)


FXRH Commercial Desk
Chiqui Carlos

888-7013

Polly Mathay

888-7004

Christopher Liao

888-7015

Monica Pasion

888-7014

Jose Manuel Marquez

888-7012

Niccolo Mendoza

888-7018

FXRH Corporate Desk


Mari Toni Bautista, AVP

888-7009

Mela Sto. Domingo-Juban

888-7016

Kristian Paul Baltazar

888-7097

TERM OF THE DAY

Miguel Ching

888-7017

Tangible Net Worth


A measure of the physical worth of a company, which does not include any value derived from intangible assets such as copyrights, patents and intellectual property. Tangible
net worth is calculated by taking a firm's total assets and subtracting the value of all liabilities and intangible assets.

Treasury - Visayas Sales Desk


Marven Tapispisan
April May Sunday Miel

(032)
511-3134

Treasury Mindanao Sales Desk

* 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.

Teddy Cansino

(082)
226-3848