The government borrowed ¢11.90 billion via treasury bills in August 2023, a 3.21% increase over the previous month.

The gross uptake showed target and maturity ratios of 0.96 and 1.17.

On a monthly basis, yields on the 91-day and 182-day bills surged 178 basis points and 147 basis points to 27.02% and 28.62% respectively.

Analysts foresee investors bidding higher yields for the T-bills in September 2023 as the government continues to show signs of reliance on money market funding.

Meanwhile, the government plans to borrow ¢2.60 billion on the money market this Friday, September 8, 2023, to refinance maturing T-bills worth ¢2.43 billion.

Last week, investors overfunded the government’s treasury bills target of ¢3.06 billion auction after submitting total bids of ¢3.53 billion.

The government accepted all bids, exceeding the target and maturities due by 15% and 23%, respectively.

The T-bill yields continued the northward trend, with the 91-day and 182-day tenors increasing to 27.36% (+34 basis points) and 28.71% (+10 basis points).

The 364-day yield advanced 42 basis points to 31.66%.