T-Bills: Circa GHS 5 billion bids accepted as Gov’t beats GHS 4.1bn target by GHS 802m
The Treasury, in its first T-Bill auction for the month of March, mobilized an amount of GHS 4.93bn.
This was against a programmed target of GHS 4.13bn.
On the back of the bids accepted, the Treasury exceeded its target by some GHS 802m.
The GHS 4.93 billion accepted bids were detailed in the BoG auction results following the Central Bank’s post-auction meeting with the Central Securities Depository (CSD) and the Finance Ministry on Friday, March 1, 2024.
The GHS 4.93 billion bids accepted by the Treasury imply a 19.3% oversubscription rate above the initial GHS 4.13 billion target.
This is despite the reduction in yields across the three tenors; 91–Day, 182-Day, and 364-Day.
Among the various tenors, the 182-day Bill attracted the highest number of subscriptions, followed by the 91-Day Bill and the 364-Day Bill.
The successful bids after the auction amounted to GHS 1.83 billion, GHS 1.84 billion, and GHS 1.26 billion for the 91–Day, 182-Day, and 364-Day tenors respectively.
The auction yields settled at 26.99% for the 91-Day Bill and 29.49% for the 182-Day Bill with both declining by 29bps and 25bps respectively compared to the rates for the previous auction.
The 364-Day bill also saw a yield decline of 20bps to settle at 30.09%.
Looking ahead to the next auction, the treasury aims to raise some GHS 4.28 billion through the issuance of the 91,182, and 364 Day bills to cater for impending maturities.
