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

By Marisa Wong

Morgantown, W.Va., June 26 – The Philippines Bureau of the Treasury said it rejected all the tenders for the second reissuance of its five-year treasury bonds that have a remaining maturity of four years and eight months.

Bids totaled PHP 14,908,000, about 1.5 times the PHP 10 billion on offer on Tuesday.

Bids submitted during the auction were higher than secondary market rates and previous auction results in May, according to a press release.

The weighted average yield of 5.98% at auction was higher than the 5½% coupon and the 5.59% average yield for the first reissue.

The total outstanding amount of the series originally issued on March 8 remains at PHP 22.04 billion.

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