Treasury Bills Oversubscribed by 20.06% as Investor Appetite Remains Strong
The government continued to attract robust investor interest in its short-term securities, as treasury bills recorded a 20.06% oversubscription for the sixth week in a row.
At the most recent auction, total bids reached about GH¢9.08 billion, surpassing the government’s indicative target of GH¢7.56 billion. From the total amount tendered, the government accepted slightly above GH¢1.51 billion in treasury bills.
Investor demand remained heavily tilted towards the short end of the yield curve, with the 91-day bill making up over 71.9% of total subscriptions. Bids on the three-month instrument amounted to roughly GH¢6.54 billion, of which about GH¢6.53 billion was taken up.
For the 182-day bill, investors submitted bids valued at approximately GH¢1.06 billion, while accepted bids were estimated at around GH¢1.05 billion.
Likewise, the 364-day bill attracted bids of close to GH¢1.50 billion, with the government accepting nearly GH¢1.49 billion.
Yield movements were uneven across the curve, with slight upward pressure observed at the shorter end. The yield on the 91-day bill edged higher by 0.1 basis points to 11.17%.
The 182-day bill saw a modest shift in yield, settling at 12.52%, compared with 12.61% recorded at the previous auction.
By contrast, the yield on the 364-day bill declined marginally, easing by 3 basis points to close at 12.90%, underscoring steady investor appetite for the longer-dated short-term instrument.
