Manila, July 14 -- The Bureau of the Treasury (BTr) fully rejected on Tuesday all bids for the reissued seven-year Treasury bond (T-bond) amid higher bid yields.

With a remaining term of seven years and one month, the reissued T-bond fetched an average rate of 7.575 percent had it been awarded.

This was higher than the comparable seven-year PHP BVAL yield at 7.16 percent as of July 13.

"All the PHP18.057 billion total bids for the 7-year Treasury bond yields were rejected since below the PHP30 billion offering amid relatively high bid yields," Rizal Commercial Banking Corporation chief economist Michael Ricafort said.

The total outstanding volume for the series currently stands at PHP239.5 billion.

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