Philippines rejects all bids at T-bill auction due to higher yields

MANILA, Feb 28 (Reuters) – The Philippines’ Bureau of the Treasury said it rejected all bids for T-bills at Monday’s auction as banks sought higher yields.

The bureau offered 15 billion pesos ($291.8 million) but had it made an award of up to 14.9 billion pesos, the yields on 91-day, 182-day and 364-day T-bills would have risen by 59.1 basis points (bps), 57.9 bps, and 29.7 bps respectively. Total tenders reached 18.542 billion pesos, it said.

($1 = 51.40 Philippine pesos)

(Reporting by Enrico Dela Cruz; Editing by Kanupriya Kapoor)

((enrico.delacruz@tr.com))