MANILA - The Philippines' Bureau of Treasury rejected all bids at an auction of reissued 5-year T-bonds on Tuesday after banks demanded a premium on the debt paper.

Bidders had offered an average rate of 6.281 percent for the P8.5 billion ($178 million) worth of bonds, up from 6.178 percent at the last auction on May 12.

The average yield on the 5-year paper based on morning trades

in the secondary debt market on Tuesday was 6.2376 percent, up from 6.1217 percent on Monday.