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Philippine Bonds Pare Gains as Auction Yields Rise; Peso Rises

Philippine bonds pared gains after the government accepted higher borrowing costs for 10-year debt at an auction today. The peso strengthened.

The government sold securities due 2021 at an average yield of 5.42 percent, compared with 5.16 percent in March. Bangko Sentral ng Pilipinas is unlikely to change its monetary-policy stance soon, Governor Amando Tetangco said yesterday. The central bank held its benchmark rate at a record-low 4 percent in April after two cuts earlier this year.

“There were expectations the government would not accept higher bids,” said Jan Briace Santos, a fixed-income trader who helps manage the equivalent of $16 billion at BPI Asset Management Inc. in Manila. “It caught some traders off-guard and yields started rising.”

The yield on the 5.75 percent bonds due November 2021 fell seven basis points, or 0.07 percentage point, to 5.49 percent as of 4:00 p.m. in Manila, according to Tradition Financial Services. The rate dropped as much as 15 basis points earlier.

The peso climbed 0.2 percent to 42.272 per dollar, prices from Tullett Prebon Plc showed. One-month implied volatility, a measure of exchange-rate swings used to price options, was steady at 5 percent.

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