The government borrowed ¢13.07 billion via treasury bills in September 2023

Importantly, the Treasury recorded strong demand for T-bills in the month under review, as investors submitted total bids of about ¢1.06 billion, higher than the gross target of ¢12.01 billion.

The government, however, accepted ¢12.88 billion to refinance maturities of ¢11.23 billion.

On a monthly basis, the 91-day and 182-day yields advanced to 28.50% (+148 basis points) and 30.68% (+206 basis points), while the 364-day jumped to 32.51% (+127 basis points).

Analysts foresee yields sustaining their upward trend as investors seek to further narrow inflation-adjusted losses.

Last week, the government accepted all bids from the issuance of the ¢2.50 billion in the T-bill auction.

The uptake lagged the target by 3%, but exceeded the maturities by a marginal 4%.

Yields on the 91-day and 182-day bills cleared at 28.80% (+30 basis points) and 30.92% (+24 basis points), respectively.

The 364-day closed at 32.82% (+31 basis points).