COUNTRY •
PHILIPPINES
Last Update: 28 Jun 2022 5:15 GMT+0
The Philippines 10Y Government Bond has a 7.090% yield.
10 Years vs 2 Years bond spread is 280.5 bp. Normal Convexity in Long-Term vs Short-Term Maturities.
Central Bank Rate is 2.50% (last modification in June 2022).
The Philippines credit rating is BBB+, according to Standard & Poor's agency.
Current 5-Years Credit Default Swap quotation is 57.35 and implied probability of default is 0.96%.
If data are not all visible, swipe table left
| Residual Maturity |
Yield | ZC Price | Last Change |
||||||
|---|---|---|---|---|---|---|---|---|---|
| Last | Chg 1M | Chg 6M | Last | Chg 1M | Chg 6M | ||||
| 1 month | 1.499% | +41.6 bp | +48.1 bp | 28 Jun | |||||
| 3 months | 1.853% | +37.3 bp | +78.1 bp | 28 Jun | |||||
| 6 months | 1.980% | +16.7 bp | +72.8 bp | 28 Jun | |||||
| 1 year | 2.410% | +36.0 bp | +77.9 bp | 97.65 | -0.35 % | -0.76 % | 28 Jun | ||
| 2 years | 4.285% | -2.9 bp | +150.9 bp | 91.95 | +0.05 % | -2.87 % | 28 Jun | ||
| 3 years | 5.700% | +69.3 bp | +246.1 bp | 84.68 | -1.96 % | -6.82 % | 28 Jun | ||
| 4 years | 5.700% | +25.2 bp | +224.7 bp | 80.11 | -0.95 % | -8.24 % | 28 Jun | ||
| 5 years | 5.455% | -15.1 bp | +158.0 bp | 76.68 | +0.72 % | -7.27 % | 28 Jun | ||
| 7 years | 6.699% | +0.3 bp | +216.2 bp | 63.52 | -0.02 % | -13.34 % | 28 Jun | ||
| 10 years | 7.090% | +46.4 bp | +225.4 bp | 50.41 | -4.25 % | -19.16 % | 28 Jun | ||
| 20 years | 6.620% | +17.0 bp | +165.0 bp | 27.75 | -3.14 % | -26.78 % | 28 Jun | ||
Last Update: 28 Jun 2022 5:15 GMT+0
Philippines Yield Curve Analysis
Normally, longer-duration interest rates are higher than short-duration. So, the yield curve normally slopes upward as duration increases.
For this reason, the spread (i.e. the yield difference) between a longer and a shorter bond should be positive.
If not, the yield curve can be flat or inverted.
The curve convexity is measured considering some key bond durations (usually 2 years and 10 years, but also other maturities).
The curve convexity is measured considering some key bond durations (usually 2 years and 10 years, but also other maturities).
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| Residual Maturity |
Yield | Spread vs Bond | Spread vs Central Bank Rate (2.50%) |
||||
|---|---|---|---|---|---|---|---|
| 3 months | 1 year | 2 years | 5 years | ||||
| 10 years | 7.090% | 459.0 bp | |||||
| 5 years | 5.455% | 295.5 bp | |||||
| 2 years | 4.285% | 178.5 bp | |||||
| 1 year | 2.410% | -9.0 bp | |||||
| 3 months | 1.853% | -64.7 bp | |||||
Focusing on 2 years Government Bond:
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| 2Y vs 1Y | 187.5 bp | Normal Convexity in Short-Term Maturities | ||
| 5Y vs 2Y | 117 bp | Normal Convexity in Mid-Term vs Short-Term Maturities | ||
| 10Y vs 2Y | 280.5 bp | Normal Convexity in Long-Term vs Short-Term Maturities |
Readings that may interest you
Philippines Credit Ratings
A credit rating is an assessment of the creditworthiness of a borrower (in general terms or with respect to a particular debt or financial obligation).
For a deeper analysis of credit ratings, click here
Philippines Credit Ratings History
| Rating Agency | Rating | Outlook |
|---|---|---|
| Standard & Poor's |
BBB+
|
- |
| Moody's Investors Service |
Baa2
|
- |
| Fitch Ratings |
BBB
|
negative |
| DBRS |
-
|
- |
Philippines Interest Rates
A bank rate is the interest rate at which a nation's central bank lends money to domestic banks, often in the form of very short-term loans.
| Interest Rates | Value | |
|---|---|---|
| Central Bank Rate | 2.50% |
Philippines Credit Default Swaps
The term credit default swap (CDS) refers to a financial derivative that allows an investor to swap or offset their credit risk with that of another investor. To swap the risk of default, the lender buys a CDS from another investor who agrees to reimburse the lender in the case the borrower defaults.
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| Credit Default Swap | CDS Value | Var % 1W | Var % 1M | Var % 1Y | Implied PD(*) | |
|---|---|---|---|---|---|---|
| 5 Years CDS | 57.35 | +9.24 % | +22.49 % | +19.01 % | 0.96 % |
(*) Implied probability of default, calculated on the hypothesis of a 40% recovery rate.
Philippines 10Y Bond Yield Spread
The Philippines 10Y Government Bond has a 7.090% yield. Click on Spread value for the historical serie.
A positive spread, marked by
, means that the 10Y Bond Yield is higher than the corresponding foreign bond. Instead, a negative spread is marked by a green circle.
Click on the values in "Current Spread" column, for the historical series of the spread.
Click on the "Compare" button, for a report with the full comparison between the two countries, with all the available data.
If data are not all visible, swipe table left
| Philippines 10Y vs | Current Spread | Chg 1M | Chg 6M | ||
|---|---|---|---|---|---|
| Japan 10Y | 686.1 bp | +45.8 bp | +208.4 bp | Compare | |
| Germany 10Y | 554.7 bp | -10.3 bp | +47.5 bp | Compare | |
| France 10Y | 501.5 bp | -11.7 bp | +31.0 bp | Compare | |
| United Kingdom 10Y | 470.3 bp | +0.1 bp | +79.0 bp | Compare | |
| Spain 10Y | 440.3 bp | -13.5 bp | +7.7 bp | Compare | |
| China 10Y | 423.8 bp | +36.2 bp | +222.2 bp | Compare | |
| United States 10Y | 390.9 bp | +2.6 bp | +55.7 bp | Compare | |
| Canada 10Y | 370.9 bp | -12.7 bp | +34.9 bp | Compare | |
| Italy 10Y | 347.1 bp | -25.9 bp | -27.0 bp | Compare | |
| Australia 10Y | 334.8 bp | -2.9 bp | +9.9 bp | Compare | |
| India 10Y | -35.7 bp | +36.7 bp | +128.5 bp | Compare | |
| Russia 10Y | -157.0 bp | +131.4 bp | +200.9 bp | Compare | |
| Brazil 10Y | -569.2 bp | +11.5 bp | +17.9 bp | Compare |
Philippines Government Bonds Prices
Price Simulation: bonds with a face value of 100, with different coupon rates. The highlighted column refers to the zero coupon bond.
Click on
for a forecast of the yield.
If data are not all visible, swipe table left
| Residual Maturity |
Yield | Bond Price - with different Coupon Rates | Fx | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 0% | 1% | 3% | 5% | 7% | 9% | ||||
| 20 years | 6.620% | 27.75 | 38.66 | 60.49 | 82.32 | 104.15 | 125.98 | ||
| 10 years | 7.090% | 50.41 | 57.40 | 71.39 | 85.38 | 99.37 | 113.36 | ||
| 7 years | 6.699% | 63.52 | 68.96 | 79.85 | 90.75 | 101.64 | 112.53 | ||
| 5 years | 5.455% | 76.68 | 80.95 | 89.50 | 98.05 | 106.61 | 115.16 | ||
| 4 years | 5.700% | 80.11 | 83.60 | 90.58 | 97.56 | 104.54 | 111.51 | ||
| 3 years | 5.700% | 84.68 | 87.37 | 92.74 | 98.12 | 103.49 | 108.87 | ||
| 2 years | 4.285% | 91.95 | 93.83 | 97.59 | 101.34 | 105.10 | 108.86 | ||
| 1 year | 2.410% | 97.65 | 98.62 | 100.58 | 102.53 | 104.48 | 106.43 | ||
| Maturity Date | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | |||