Govt rejects bids for 5-year Treasury bond


Posted at Jun 17 2008 01:51 PM | Updated as of Jun 17 2008 09:51 PM


The Philippine government rejected all bids on Tuesday for a reopened five-year Treasury bond due to the high yields sought.

Banks put in bids totalling 9.155 billion pesos ($206 million) for the 7 billion pesos of bonds on sale at an average yield of 8.508 percent.

Three-year bonds auctioned in April fetched an average rate of 6.436 percent, the nearest comparison to Tuesday's issue, which had a remaining life of 2 years and 8 months.

In the secondary debt market, three-year paper was quoted at 8.6977 percent on Tuesday.