The government sold $623 million in bills known as Letes, which will mature on Oct. 25 and carry an annual rate of 4.0pc. Another $277 million sold in Letes will mature in February of 2020, with an annual rate of 7.19pc, the government said.

The government also sold 43.5 billion pesos ($1.02 billion) in bonds known as Lecaps, which will mature on Oct. 11, with a rate of 57.99pc.

Another round of Lecaps, worth 30.6 million pesos ($717 million), will mature in May of 2020, with an annual rate of 61.13pc.

The government said another round of Lecap bonds will be up for auction on Wednesday.