COUNTRY •
PHILIPPINES
Last Update: 20 Mar 2023 9:15 GMT+0
The Philippines 10Y Government Bond has a 6.236% yield.
10 Years vs 2 Years bond spread is 13.4 bp. Yield Curve is flat in Long-Term vs Short-Term Maturities.
Central Bank Rate is 6.00% (last modification in February 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 | 4.232% | +1.4 bp | +192.6 bp | 20 Mar | |||||
| 3 months | 4.800% | +42.8 bp | +217.9 bp | 20 Mar | |||||
| 6 months | 5.710% | +41.7 bp | +191.8 bp | 20 Mar | |||||
| 1 year | 5.742% | +45.1 bp | +177.7 bp | 94.57 | -0.42 % | -1.68 % | 20 Mar | ||
| 2 years | 6.102% | +47.8 bp | +55.2 bp | 88.83 | -0.89 % | -1.04 % | 20 Mar | ||
| 3 years | 6.017% | +14.1 bp | +16.6 bp | 83.92 | -0.40 % | -0.47 % | 20 Mar | ||
| 4 years | 6.074% | +8.5 bp | +15.4 bp | 78.99 | -0.32 % | -0.58 % | 20 Mar | ||
| 5 years | 6.021% | -1.5 bp | -27.9 bp | 74.65 | +0.07 % | +1.32 % | 20 Mar | ||
| 7 years | 6.240% | -1.5 bp | -35.7 bp | 65.46 | +0.09 % | +2.38 % | 20 Mar | ||
| 10 years | 6.236% | -19.2 bp | -54.6 bp | 54.61 | +1.83 % | +5.26 % | 20 Mar | ||
| 20 years | 6.616% | -3.4 bp | -41.4 bp | 27.77 | +0.65 % | +8.05 % | 20 Mar | ||
Last Update: 20 Mar 2023 9:15 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 (6.00%) |
||||
|---|---|---|---|---|---|---|---|
| 3 months | 1 year | 2 years | 5 years | ||||
| 10 years | 6.236% | 23.6 bp | |||||
| 5 years | 6.021% | 2.1 bp | |||||
| 2 years | 6.102% | 10.2 bp | |||||
| 1 year | 5.742% | -25.8 bp | |||||
| 3 months | 4.800% | -120.0 bp | |||||
Focusing on 2 years Government Bond:
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| 2Y vs 1Y | 36 bp | Normal Convexity in Short-Term Maturities | ||
| 5Y vs 2Y | -8.1 bp | Yield Curve is inverted in Mid-Term vs Short-Term Maturities | ||
| 10Y vs 2Y | 13.4 bp | Yield Curve is flat 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 | 6.00% |
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 6.236% 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 | 602.2 bp | +9.3 bp | -50.9 bp | Compare | |
| Germany 10Y | 416.9 bp | +20.4 bp | -68.1 bp | Compare | |
| France 10Y | 359.6 bp | +9.9 bp | -70.4 bp | Compare | |
| Canada 10Y | 348.3 bp | +37.0 bp | -19.2 bp | Compare | |
| China 10Y | 335.9 bp | -13.2 bp | -75.8 bp | Compare | |
| Spain 10Y | 304.9 bp | +13.4 bp | -64.0 bp | Compare | |
| Australia 10Y | 302.3 bp | +42.0 bp | +0.2 bp | Compare | |
| United Kingdom 10Y | 294.8 bp | -0.4 bp | -52.0 bp | Compare | |
| United States 10Y | 283.4 bp | +22.3 bp | -37.9 bp | Compare | |
| Italy 10Y | 223.4 bp | +14.6 bp | -38.7 bp | Compare | |
| India 10Y | -110.2 bp | -16.0 bp | -59.0 bp | Compare | |
| Russia 10Y | -496.4 bp | -36.2 bp | -135.6 bp | Compare | |
| Brazil 10Y | -686.8 bp | -10.0 bp | -166.0 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 | 6.616% | 27.77 | 38.69 | 60.52 | 82.36 | 104.19 | 126.03 | ||
| 10 years | 6.236% | 54.61 | 61.89 | 76.45 | 91.00 | 105.56 | 120.12 | ||
| 7 years | 6.240% | 65.46 | 71.00 | 82.07 | 93.14 | 104.21 | 115.28 | ||
| 5 years | 6.021% | 74.65 | 78.86 | 87.28 | 95.70 | 104.12 | 112.54 | ||
| 4 years | 6.074% | 78.99 | 82.45 | 89.37 | 96.28 | 103.20 | 110.12 | ||
| 3 years | 6.017% | 83.92 | 86.59 | 91.94 | 97.28 | 102.63 | 107.97 | ||
| 2 years | 6.102% | 88.83 | 90.66 | 94.32 | 97.98 | 101.64 | 105.31 | ||
| 1 year | 5.742% | 94.57 | 95.52 | 97.41 | 99.30 | 101.19 | 103.08 | ||
| Maturity Date | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | |||