From the Economic Times (India) Obviously authorities think that the Philippines is less of a risk than bond purchasers. Authorities usually have an unrealistic optimistic view of their country's condition!
Philippines rejects bids for 2011 bond at auction
22 Apr, 2008, 1138 hrs IST, AGENCIES
MANILA: The Philippines' Bureau of Treasury rejected all bids at an auction of 2011 domestic bonds on Tuesday after the average rate offered was deemed too high. The Treasury had put seven billion pesos of the bond, originally issued as five-year paper in 2006, on sale.
The bond has a remaining life of three years and six months. Only 2.98 billion pesos of bids were recorded with the average rate at 7.711 percent. The closest comparison is the average rate of the 4-year bond at the last successful auction on Dec 11, which was at 5.876 percent.
Copyright © 2008 Times Internet Limited. All rights reserved. For reprint rights: Times Syndication Service
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