Philippines rejects bids for 182-day, 364-day T-bills at tender

MANILA: The Philippines' Bureau of Treasury rejected all bids at a regular auction to sell 182-day and 364-day Treasury bills on Monday.

Both issues were undersubscribed with bids for the 182-day paper totalling 2.663 billion pesos, below the 4.0 billion pesos offer, and bids for the 364-day bill reaching 2.243 billion pesos, below the 6.0 billion pesos offer.

The government last tendered the 182-day and 364-day papers successfully at an average rate of 3.206 percent and 3.434 percent, respectively, on March 26.

Manila plans to raise as much as 325 billion pesos ($6.23 billion) from the sale of treasury bills and bonds in the second quarter, 35 percent more than the previous quarter's planned domestic borrowing.