The Bureau of the Treasury rejected all the bids for the bonds, originally issued as 20-year debt, refusing to allow the market to push yields higher.
Demand was also weaker, with total bids for the P30 billion offer only reaching P37.6 billion.
The BTr said had the auction committee made the full award, the average rate for the bond with still 14 years and nine months left till maturity would hit 6.987 percent.
The bond was originally issued in 2019, a year before the pandemic, at a coupon of 6.75 percent.
In the secondary market for fixed-rate debt, the 20-year maturity was quoted Tuesday at 6.801 percent while the 10-year debt was at 6.731 percent.
