T-bills auction: Government records 38% oversubscription, but yield on 91-day and 182-day increases

Audio By Carbonatix

The government recorded 38% oversubscription of its treasury bills, the second week running.

According to data from the Bank of Ghana, the yield on the 91-day and 182-day bills went up marginally.

The government got GH¢8.01 billion, as against a target of GH¢5.80. It, however, accepted GH¢6.95 billion of the total bids.

A little over 61% of the bids came from the 91-day bill. About GH¢4.9 billion of the bids were tendered. The uptake was GH¢4.0 billion.

For the 182-day bill, GH¢2.09 billion of the bids were tendered. The bids accepted were estimated to the tune of GH¢1.85 billion.

Also, GH¢1.01 billion of the bids were tendered for the 364-day bill. A little over GH¢1.0 billion of the bids were accepted.

Meanwhile, the yield on the 91-day and 182-day bills continued to increase marginally on the yield curve.

The yield on the 91-day bill increased by 3.0 basis points to 11.08%.

That of the 182-day bill also jumped to 12.55%, from 2.43%, from the previous week.

The yield on the 364-day bill fell to 12.70% from 13.08%.

SECURITIES	BIDS TENDERED (GH¢)	BIDS ACCEPTED (GH¢)
91 Day Bill	4.905bn	4.090bn
182 Day Bill	2.098bn	1.855bn
364 Day Bill	1.014bn	1.009bn

Total
Target	5.805bn

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