MANILA -- The Bureau of Treasury (BTr) has again rejected all bids for the PHP15-billion Treasury bond (T-bond) on Tuesday as interest rate for the 10-year security spiked to 7.625 percent.
“The auction committee decided to reject all tenders for the third reissuance of the 10-year T-bond with remaining maturity of nine years and eight months,” the BTr said.
Tenders for the debt paper fell short of about PHP200 million as bids reached PHP14.8 billion.
“Submitted bids peaked at 7.625 percent, higher than the previous average rate of 6.35 percent at second reissue and secondary market rates,” it added.
Coupon rate of the T-bond during its original issuance in March stood at 6.25 percent.
Last week, the BTr rejected all bids for the PHP10-billion reissued T-bond, as it fetched higher yield.
For the third quarter of the year, the national government intends to issue a total of PHP105 billion worth of T-bonds. (PNA)
