Treasury slashes upcoming T-Bill auction target by 33.8% as Gov’t looks to settle GHS 2.1bn in maturities
The Government of Ghana is set to auction GH¢2.65 billion in treasury bills this Friday, June 28, 2024, a 33.85% reduction from the previous week’s target of GH¢3.55 billion.
This issuance will include the 91-day, 182-day, and 364-day bills, partially aimed at covering upcoming maturities amounting to GH¢2.12 billion.
Strong Demand in Previous Auction
Last week’s T-Bill auction saw robust market demand, with bids totaling GH¢3.60 billion, exceeding the target by GH¢49.40 million.
The government accepted all bids tendered, reflecting a 100% acceptance rate.
The 91-day bill attracted the highest subscriptions, securing GH¢2,761.36 million. The 182-day bill followed with GH¢660.62 million, while the 364-day bill garnered GH¢182.42 million.
Yield Adjustments
Yields experienced a downward adjustment across the board, except for the 91-day bill which remained steady at an average rate of 24.87%.
The 182-day and 364-day bills each saw a decline of 3 basis points, settling at 26.80% and 27.79%, respectively.
The upcoming auction, with its reduced target, will be closely watched by market participants, providing insights into the government’s funding strategies and market appetite for short-term debt instruments.
