T-Bill Auction Sees 101% Oversubscription as Investors Pile Into Short-Term Debt
Government’s latest Treasury bills auction recorded a strong rebound in investor demand, with short-term debt instruments oversubscribed by 101% in the auction held on Friday, November 28, 2025. The outcome marks one of the strongest subscription levels in recent weeks, reversing the trend of persistent undersubscriptions.
The 101% oversubscription represents an additional GHS 2.91 billion above the auction target of GHS 2.86 billion, bringing total bids tendered to GHS 5.78 billion.
According to analysts, the sharp increase in investor interest was largely driven by a marked reduction in last Friday’s auction target, which created room for improved bidding volumes following several weeks of muted performance. The renewed appetite came despite marginal adjustments in yields across the three tenors.
Yields on the 91-day bill dipped to 11.05%, down from 11.13% previously, while the 182-day bill also fell to 12.43% from 12.68%. The 364-day instrument, however, saw a slight uptick, clearing at 13.08%, compared to 13.06% at the previous auction.
Market watchers note that the modest yield movements signal relative stability in short-term government borrowing costs, even as demand strengthens.
Meanwhile, the Government is targeting GHS 5.80 billion in its next T-bills auction scheduled for Friday, December 5, 2025. The upcoming issuance will again span the 91-, 182-, and 364-day maturities, with market participants monitoring closely to determine whether the momentum of oversubscription will continue or taper off.
