MANILA: The Philippines' Bureau of the Treasury said it rejected all bids for a new offer of 2025 T-bonds at an auction on Tuesday, as banks sought high yields.

Tenders totaled 46.26 billion pesos ($903.52 million) against the bureau's offer of 35 billion pesos.

The government, which also rejected all bids at Monday's T-bill auction, has raised $8.9 billion through the sale of five-year retail bonds.