EM ASIA CREDIT: Results: Bank of the Philippine Islands: H1 results solid
(BPIPM, Baa2/BBB+/BBB-)
"*PHILIPPINES' BPI 1H NET INCOME 33B PESOS" - BBG
Bank of the Philippine Islands (BPI) has reported H1 results, with net income +7.8% YoY to PHP33bn, driven by strong revenue growth, partially offset by a rise in operating expenses and provisions. Neutral for spreads.
Net interest income rose 16.2% YoY to PHP71bn, reflecting an 8.3% increase in the asset base, as well as a 32bp improvement in the margin to 4.6% (1H24: 4.26%). In terms of asset quality, BPI booked provisions of PHP7.3bn, 142% higher YoY. The NPL ratio was at 2.25% (1H24: 2.2%). In terms of capital adequacy, the CET1 Ratio was 14.5% (1H24: 14.2%).
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AUSSIE BONDS: ACGB Jun-54 Auction Results
The AOFM sells A$300mn of the 4.75% 21 June 2054 Treasury Bond, #TB169:
- Average Yield (%): 4.9497 (prev. 4.9633)
- High Yield (%): 4.9550 (prev. 4.9700)
- Bid/Cover: 2.8433x (prev. 2.4833x)
- Allotted at Highest Accepted Yld as % of Bid at that Yld (%): 52.9 (prev. 100)
- Bidders: 50 (prev. 57), 22 successful (prev. 26), 16 allocated in full (prev. 26)
AUSSIE BONDS: Jun-54 Supply Faces A Similar Yield But A Steeper Curve
The Australian Office of Financial Management (AOFM) will today offer A$300 million of the 4.75% 21 June 2054 Treasury Bond. This line was last tapped on 6 May 2025 for the same amount. Investor demand at today’s auction will likely be shaped by several key factors:
- The bond’s outright yield is broadly unchanged from the previous auction, though it remains around 20bps below the peak reached in May.
- Sentiment toward longer-dated global bonds remains cautious, which may temper demand.
- However, the 10s/30s yield curve is slightly steeper than at the last auction, and now sits at its steepest level since late 2021 — a potentially supportive technical factor.
- Overall, pricing is expected to remain firm, underpinned by a stable yield profile and a more attractive curve backdrop.
- Results are due at 0200 BST / 1100 AEST.
AUSSIE BONDS: AUCTION PREVIEW: ACGB Jun-54 Supply Due
The Australian Office of Financial Management (AOFM) will today sell A$300mn of the 4.75% 21 June 2054 Treasury Bond. The line was last sold on 6 May 2025 for A$300mn. The sale drew an average yield of 4.9633%, at a high yield of 4.9700% and was covered 2.4833x. There were 57 bidders, 26 of which were successful and 26 were allocated in full. The amount allotted at the highest yield as a percentage of the bid at that yield was 100%.
- This week's ACGB supply is at the top end of the recent average weekly issuance of $1500-2000mn, with A$900mn of the 2.75% 21 June 2035 bond on Wednesday and A$800mn of the 1.00% 21 December 2030 bond on Friday.
- According to the Budget 2025-26 Issuance Program Update from the Australian Office of Financial Management (AOFM), total issuance of Treasury Bonds (including Green Treasury Bonds) in 2025-26 is expected to be around $150 billion. Issuance of Treasury Indexed Bonds by tender is expected to be between $2 billion and $3 billion (additional issuance by syndication may be considered).
- For 2024-25, issuance of Treasury Bonds has been revised to around $100 billion, including around $2 billion of Green Treasury Bonds. Treasury-Indexed Bond issuance will be around $3 billion.
- Results are due at 0200 BST / 1100 AEST.
