The Philippines rejected all bids on Monday for an auction of 91-day treasury bills.

The Treasury received 5.970 billion pesos worth of bids for the 3 billion pesos worth of bills on sale at an average yield of 5.895 percent compared to 5.699 percent at the last successful auction on July 7.

The government can afford to be picky about yields after it raised 70 billion pesos ($1.6 billion) from the sale of retail Treasury bonds last month.

Three-month paper was quoted at 6.17 percent in the secondary debt market.

Source: http://www.afxnews.com

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