COUNTRY •
PHILIPPINES
Last Update: 22 Sep 2023 23:15 GMT+0
The Philippines 10Y Government Bond has a 6.590% yield.
10 Years vs 2 Years bond spread is 31 bp. Normal Convexity in Long-Term vs Short-Term Maturities.
Central Bank Rate is 6.25% (last modification in March 2023).
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 | 5.628% | -11.2 bp | +94.1 bp | 22 Sep | |||||
| 3 months | 5.727% | -5.9 bp | +78.5 bp | 22 Sep | |||||
| 6 months | 6.047% | +1.1 bp | +18.6 bp | 22 Sep | |||||
| 1 year | 6.063% | -20.5 bp | +19.9 bp | 94.28 | +0.19 % | -0.19 % | 22 Sep | ||
| 2 years | 6.280% | -13.7 bp | +22.5 bp | 88.53 | +0.26 % | -0.43 % | 22 Sep | ||
| 3 years | 6.297% | -8.2 bp | +30.7 bp | 83.26 | +0.23 % | -0.87 % | 22 Sep | ||
| 4 years | 6.317% | -2.3 bp | +26.6 bp | 78.27 | +0.09 % | -1.00 % | 22 Sep | ||
| 5 years | 6.308% | -8.0 bp | +21.0 bp | 73.65 | +0.38 % | -0.98 % | 22 Sep | ||
| 7 years | 6.478% | -2.0 bp | +27.3 bp | 64.44 | +0.12 % | -1.78 % | 22 Sep | ||
| 10 years | 6.590% | -9.4 bp | +26.4 bp | 52.82 | +0.88 % | -2.46 % | 22 Sep | ||
| 20 years | 6.708% | -13.9 bp | -5.8 bp | 27.29 | +2.63 % | +1.07 % | 22 Sep | ||
Last Update: 22 Sep 2023 23:15 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 (6.25%) |
||||
|---|---|---|---|---|---|---|---|
| 3 months | 1 year | 2 years | 5 years | ||||
| 10 years | 6.590% | 34.0 bp | |||||
| 5 years | 6.308% | 5.8 bp | |||||
| 2 years | 6.280% | 3.0 bp | |||||
| 1 year | 6.063% | -18.7 bp | |||||
| 3 months | 5.727% | -52.3 bp | |||||
Focusing on 2 years Government Bond:
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| 2Y vs 1Y | 21.7 bp | Normal Convexity in Short-Term Maturities | ||
| 5Y vs 2Y | 2.8 bp | Yield Curve is flat in Mid-Term vs Short-Term Maturities | ||
| 10Y vs 2Y | 31 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
|
- |
| 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 | 6.25% |
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 6.590% 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 | 586.6 bp | -15.5 bp | -16.5 bp | Compare | |
| China 10Y | 388.3 bp | -23.1 bp | +44.3 bp | Compare | |
| Germany 10Y | 385.8 bp | -32.5 bp | -30.3 bp | Compare | |
| France 10Y | 330.5 bp | -34.9 bp | -31.7 bp | Compare | |
| Spain 10Y | 278.4 bp | -37.5 bp | -31.8 bp | Compare | |
| Canada 10Y | 263.9 bp | -37.3 bp | -90.7 bp | Compare | |
| United Kingdom 10Y | 234.4 bp | +18.3 bp | -62.4 bp | Compare | |
| Australia 10Y | 226.8 bp | -28.9 bp | -80.9 bp | Compare | |
| United States 10Y | 215.5 bp | -32.9 bp | -75.7 bp | Compare | |
| Italy 10Y | 195.8 bp | -57.1 bp | -31.6 bp | Compare | |
| India 10Y | -56.0 bp | -5.0 bp | +45.9 bp | Compare | |
| Brazil 10Y | -479.9 bp | -37.9 bp | +194.8 bp | Compare | |
| Russia 10Y | -598.0 bp | -83.4 bp | -115.6 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 | 6.708% | 27.29 | 38.13 | 59.81 | 81.49 | 103.16 | 124.84 | ||
| 10 years | 6.590% | 52.82 | 59.98 | 74.30 | 88.62 | 102.94 | 117.25 | ||
| 7 years | 6.478% | 64.44 | 69.93 | 80.91 | 91.89 | 102.87 | 113.84 | ||
| 5 years | 6.308% | 73.65 | 77.83 | 86.18 | 94.54 | 102.89 | 111.25 | ||
| 4 years | 6.317% | 78.27 | 81.71 | 88.59 | 95.47 | 102.35 | 109.23 | ||
| 3 years | 6.297% | 83.26 | 85.92 | 91.24 | 96.55 | 101.87 | 107.19 | ||
| 2 years | 6.280% | 88.53 | 90.36 | 94.01 | 97.66 | 101.31 | 104.97 | ||
| 1 year | 6.063% | 94.28 | 95.23 | 97.11 | 99.00 | 100.88 | 102.77 | ||
| Maturity Date | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | |||