Government rejects all bids at Treasury-bill auction for being too high

MANILA, Philippines – The government rejected yesterday all bids for Treasury bills (T-bills) after banks submitted unreasonably high offers amid speculation in the market.

National Treasurer Roberto Tan said investors are awaiting the bond offers of private firm San Miguel Corp. and Ayala-owned Globe Telecom Inc. as well as that of state-owned Land Bank of the Philippines.

“There’s a lot speculation in the market. There’s news on new supply from GOCCs (government-owned and controlled corporations) and private corporations such as SMC (San Miguel Corp.) and Globe. All this created some speculation,” he told reporters after the auction. [Read full article...]

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