Govt rejects bids for 5-year Treasury bond
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.