The Bureau of the Treasury on Tuesday fully rejected bids for the reissued 10-year treasury bonds.
The debt papers, with nine-year and nine-month to maturity, fetched an average rate of 3.329 percent, higher than the secondary market benchmark and trading rate for the security.
Nevertheless, the auction was oversubscribed with total bids reaching ₱44.5 billion, more than 1.4-times the ₱30 billion offering.
National Treasurer Rosalia De Leon said that appetite remains on immediate part of the curve as markets see the central bank’s key policy rates will remain steady for the rest of the year.