Treasury beats T-Bill target by GHS 1.47bn; raises GHS 5.36bn in auction
The Treasury, in its T-Bill auction on Friday, March 15, 2024, mobilized an amount of GHS 5.36bn.
This was against a programmed target of GHS 3.89bn.
On the back of the bids accepted, the Treasury exceeded its target by some GHS 1.47bn.
The GHS 5.36 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.
The GHS 5.36 billion bids accepted by the Treasury imply a 37.98% oversubscription rate above the initial GHS 3.89 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 91-day Bill attracted the highest number of subscriptions, followed by the 182-Day Bill and the 364-Day Bill.
The successful bids after the auction amounted to GHS 3.72 billion, GHS 1.06 billion, and GHS 574 million for the 91–Day, 182-Day, and 364-Day tenors respectively.
The auction yields settled at 26.49% for the 91-Day Bill and 28.99% for the 182-Day Bill with both declining by 50bps and 50bps respectively compared to the rates for the previous auction.
The 364-Day bill also saw a yield decline of 50bps to settle at 29.59%.
Looking ahead to the next auction, the treasury aims to raise some GHS 3.38 billion through the next issuance of the 91,182, and 364 Day bills to cater for impending maturities.
