Philippine Bonds Snap Eight-Day Rally as Gains Judged Excessive
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Philippine government bonds fell, snapping an eight-day advance, on speculation the decline in yields may have been excessive. The peso was little changed.
The yield on the 19-year notes dropped 12 basis points in the eight days through yesterday and reached 5.57 percent, the lowest level since Sept. 7. Bangko Sentral ng Pilipinas cut its benchmark interest rate to 3.5 percent on Oct. 25, the fourth reduction this year, to spur growth and damp peso appreciation.