MANILA, Philippines – The Philippines' Bureau of Treasury rejected on Monday all bids at an auction of 182-day Treasury bills after banks demanded a premium for the debt paper.
The Treasury offered P6 billion ($134.83 million) of the tenor, with total bids submitted at more than P10 billion.
Banks had offered to buy the 182-day paper at an average rate of 1.885 percent, higher than the 1.696 percent it fetched at the last successful auction on April 7.
At the same Monday auction, the Treasury rejected bids for the 364-day T-bills.
It, however, accepted bids for the 91-day paper, whose average rate inched down from the previous auction last month.