T-bills auction: Government exceeds target by 79%, but one-year bill yield increases

The government continued to attract high investor interest for its treasury bills, as it recorded another oversubscription of its short-term instruments.  

According to auction results by the Bank of Ghana, the government recorded 79% more than its target.

It received bids worth GH¢10.5 billion, but accepted a little over GH¢8.6 billion of the total bids.

The 364-day bill was once again the most subscribed bill as GH¢7.47 billion of the bids were tendered, representing about 71% of the total bids.

The uptake was, however, GH¢7.1 billion.

The 182-day bill received bids of GH¢757.9 million. A little above GH¢501 million was accepted.

For the 91-day bill, GH¢2.2 billion of the bids were tendered. A little above GH¢972 million of the bids were accepted.

Meanwhile, interest rates continued to rise on the yield curve.

The yield on the 91-day bill remained unchanged at 5.76%.

That of the 182-day bill dropped to 7.64% from the previous week’s 7.68%.

However, the yield on the 364-day surged by 2.0 basis points to 12.96%.

SECURITIES	BIDS TENDERED (GH¢)	BIDS ACCEPTED (GH¢)
91 Day Bill	2.27bn	927m
182 Day Bill	757.9m	501.38m
364 Day Bill	7.47bn	7.17bn
Total	10.5bn	8.65bn
Target	5.866bn