Philippines rejects bids for 182, 364-day T bills

Published: 14 Jun 2009 21:39:43 PST

MANILA, June 15 - The Philippine Bureau of Treasury withdrew its offer for 6 billion pesos ($124 million) worth of 182- and 364-day T-bills on Monday after banks demanded a high premium for the debt papers.

The Treasury rejected all bids for both tenors at the auction, with the total volume of bids coming below the offer amount. Before the Treasury withdrew its offer, banks' bids came in at 4.645-5.25 percent for the 6-month debt papter.

Bids for the one-year paper were at 4.8 to 5.75 percent.