T-Bill: Treasury Gulps GHS 12.8 Billion on Domestic Market
The government sustained strong investor appetite at the latest treasury bill auction, recording a 30.31 per cent oversubscription for the eighth consecutive week, underscoring continued confidence in short-term government securities.
Total bids submitted at the auction amounted to about GHS 12.8 billion, significantly exceeding the government’s target of GHS 9.82 billion. Out of the total bids tendered, a little over GHS 2.97 billion was accepted.
Investor demand remained skewed towards the longer end of the short-term yield curve, with bids for the 364-day bill estimated at GHS 7.45 billion. Of this amount, the government accepted GHS 5.07 billion.
The 182-day bill attracted bids of approximately GHS 4.29 billion, with accepted bids coming in at about GHS 4.28 billion. Similarly, the 91-day bill recorded bids of nearly GHS 4.15 billion, of which close to GHS 3.44 billion was accepted.
Yields recorded mixed but generally upward movements across the curve. The 91-day bill yield held steady at 11.19 per cent, while the 182-day bill rose marginally to 12.66 per cent from 12.64 per cent at the previous auction.
The yield on the 364-day bill increased by eight basis points to settle at 13.06 per cent, reflecting sustained investor preference for longer-dated short-term government instruments.
