We consider the problem of channel estimation for amplify-and-forward two-way relays assuming channel reciprocity and M-PSK modulation. In an earlier work, a partially-blind maximum-likelihood estimator was derived by treating the data as deterministic unknowns. We prove that this estimator approaches the true channel with high probability at high signal-to-noise ratio (SNR) but is not consistent. We then propose an alternative estimator which is consistent and has similarly favorable high SNR performance. We also derive the Cramer-Rao bound on the variance of unbiased estimators.