Philippines accepts no bids for add-on to 10-year treasury bonds

By Sarah Lizee

Olympia, Wash., July 3 – The Philippines Bureau of the Treasury said it rejected all the tenders for the third reissuance of its 6¼% 10-year treasury bonds that have a remaining maturity of nine years and eight months.

Bids totaled PHP 14.8 billion, lower than the PHP 15 billion offered on Tuesday.

Bids submitted during the auction peaked at 7 5/8%, higher than the previous average rate of 6.35% at second reissue and secondary market rates, according to a press release.

The total outstanding amount of the series originally issued on March 22 remains at PHP 22.07 billion.

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