Treasury rejects all bids for 2011 papers

MANILA, Philippines- The Bureau of the Treasury on Tuesday turned down all bids for 2011 debt papers after offers that came in were deemed too high. The Treasury had tried to sell P7 billion worth of the bond, originally issued as five-year notes two years ago. Of the total, only P2.98 billion was recorded with the average rate at 7.711 percent. - GMANews.TV