T-Bills: Gov’t returns to missing auction targets
The 91, 182 and 364 days treasury bills auctioned by the government on the domestic market garnered some GHS 1.10bn in debt for government.
The mobilized GHS 1.1bn fell short of the targeted GHS 1.41bn anticipated from the auction.
Government in the previous week exceeded its target of GHS 1.22bn by some GHS 167m mobilising a total of GHS 1.39bn in accepted bids from institutional investors.
Government’s inability to meet last week’s auction target marks a return to the undersubscription of its short term debt instruments witnessed over the past few months.
Per the auction results released by the Bank of Ghana, bids for the 91, 182 and 364 days T-Bills amounted to GHS 821 million, GHS 221 million and GHS 155 million respectively with government accepting GHS 759 million, GHS 200 million and GHS 142 million in bids made for the securities.
Cumulatively, government was able to mobilise some GHS 1,101 million from the auction, falling behind its target of GHS 1,412 million by GHS 311 million.
The 91, 182 and 364 days T-Bills were auctioned at interest rates of 22%, 23% and 24% respectively.
Government, in its next auction – June 17 – is aiming at raising some GHS 1,325 million from the issuance of the 91 and 182 day bills.
Find details of auction results below:
Auctresults-1802 by Fuaad Dodoo on Scribd