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Government Reduces Upcoming T-Bill Auction Target by 11% Following 37.45% Undersubscription Last Week

1 year ago
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Government Reduces Upcoming T-Bill Auction Target by 11% Following 37.45% Undersubscription Last Week

The Government has set a target of GHS 4.77 billion for its upcoming T-Bill auction, reflecting an 11.11% reduction from last week’s target of GHS 5.31 billion.

This decision comes in response to a significant undersubscription of 37.45% in the previous auction for the 91-day, 182-day, and 364-day bills.

The GHS 4.77 billion in debt to be issued on Friday, July 26, is intended partly to cover upcoming maturities of T-Bills valued at GHS 3.85 billion.

Last week’s auction by the Central Bank aimed to raise GHS 5.31 billion but received only GHS 3.86 billion in bids, falling short by GHS 1.44 billion.

Despite this shortfall, the Central Bank accepted 100% of the bids submitted.

The 91-day bill saw the highest subscriptions, followed by the 182-day and 364-day bills, with accepted bids totaling GHS 2.9 billion, GHS 698 million, and GHS 261 million, respectively.

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Average yields across the three tenors showed mixed movements. The yield on the 182-day bill fell by 3 basis points, while the yield on the 364-day bill increased by 2 basis points. The 91-day bill yield remained relatively stable, closing at 26.71%, 27.81%, and 27.79%, respectively.

Tags: Government Reduces Upcoming T-Bill Auction Target by 11% Following 37.45% Undersubscription Last WeekUndersubscriptionUpcoming T-Bill Auction Target
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