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Philippine Bonds Advance on Retail Debt Demand, Rate-Cut Outlook

Philippine 25-year bonds had their first weekly gain in a month as speculation of further monetary easing helped shore up demand for an offering of debt targeted at individuals. The peso snapped a two-day decline.

The government sold 127 billion pesos ($3 billion) of the 6.125 percent notes due 2037 that are on sale until Oct. 22, and bids so far total 200 billion pesos, Deputy Treasurer Eduardo Mendiola said in an interview today. Bangko Sentral ng Pilipinas has room to lower borrowing costs this year, Governor Amando Tetangco said in Tokyo this week.

“Expectations of another rate cut and the general view that the government is efficiently managing the economy are making the retail bonds very attractive,” said Roland Avante, president of Philippine Business Bank in Manila.

The yield on the 5.75 percent securities due August 2037 fell 10 basis points, or 0.10 percentage point, to 6.14 percent, according to midday fixing prices at Philippine Dealing & Exchange Corp. The weekly drop is the biggest since the notes were issued in August. The rate declined one basis point today to the lowest level in more than a week.

Bangko Sentral reduced its overnight borrowing rate three times this year, most recently trimming it to a record-low 3.75 percent in July. The central bank’s remaining policy meetings for this year are due on Oct. 25 and Dec. 13.

The peso rose 0.4 percent to 41.43 per dollar at the close in Manila, according to prices from Tullett Prebon Plc. It was little changed from 41.427 on Oct. 5. One-month implied volatility, a measure of exchange-rate swings used to price options, was unchanged at 5.3 percent.

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