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Philippines declines all bids for add-on to 6½% 20-year bonds
By Susanna Moon
Chicago, July 31 – The Philippines Bureau of the Treasury said it rejected all the tenders for the third reissue of its 6½% treasury bonds due Feb. 22, 2038.
Bids rates came in higher than the previous auction, reaching an average of 7.39% if fully awarded, according to a notice.
Total bids reached PHP 20.6 billion, which was 1.3 times the PHP 15 billion on offer, according to the notice.
The total outstanding amount is PHP 17.2 billion.
The bonds were originally issued earlier this year on Feb. 22 at an amount of PHP 15 billion.
The total outstanding amount is still PHP 20.5 billion.
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