T-bills: Government exceeds target by 73%, but yield on one-year bill hits 12.98%

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The government exceeded its treasury bills target by 73%, with the one-year bill yield inching up to almost 13.0%.

According to auction results by the Bank of Ghana, most investors once again bought more of the 364-day bill due to its high interest rate.

The government got GH¢10.7 billion of the bids tendered but accepted GH¢9.4 billion.

The 364-day bill was once again the most subscribed bill, with a little over GH¢6.0 billion of the bids tendered, representing 55.8% of the total bids. The uptake was, however, GH¢5.8 billion.

The 182-day bill received bids of GH¢1.9 billion. A little above GH¢1.1 billion was accepted.

For the 91-day bill, GH¢6.0 billion of the bids were tendered. A little above GH¢5.8 billion of the bids were accepted.

Meanwhile, interest rates were mixed on the yield curve.

The yield on the 91-day bill dropped by 14 basis points to 5.62%.

That of the 182-day bill also declined to 7.52% from the previous week’s 7.64%.

However, the yield on the 364-day surged by 2.0 basis points to 12.98%.

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