T-bills: Government records 19% oversubscription; 91-day, 182-day yields increase

The government recorded a 19% oversubscription of treasury bills for the fifth consecutive week, though at a reduced target.

The government received about GH¢4.7 billion of the bids, but accepted a little over GH¢4.7 2 billion of the short-term instruments. The target for the auction was estimated at GH¢3.9 billion.  

A little over 40% of the bids came from the 91-day bill.  About GH¢1.948 billion of the bids were tendered. The uptake was GH¢1.943 billion.  

For the 182-day bill, GH¢1.2 billion of the bids were tendered. The bids accepted were estimated to the tune of GH¢1.0 billion.

Similarly, GH¢1.60 billion of the bids were tendered for the 364-day bill. GH¢1.26 billion of the bids were accepted.

Meanwhile, interest rates surged across the shorter end of the market.

The yield on the 91-day bill increased by 7.0 basis points to 11.16%.

That of the 182-day bill also went up to 12.55%, from 12.52% the preceding week.

However, the yield on the 364-day bill declined by a basis point to 12.93%.

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