The government recorded an astonishing 190.12% oversubscription of treasury bills to the tune of GH¢20.9 billion.
It, however, accepted GH¢10.64 billion of the bids as against a target of GH¢5.43 billion
This is the first time in two months that the government has registered an oversubscription of the short-term instrument, but in grand style.
Many analysts believe that the recent inflows from the International Monetary Fund and the World Bank contributed to the rising investor interest in the short-term instruments.
A huge GH¢13.77 billion, representing 65.6% of the total bids, was tendered for the 91-day bill. The Treasury, nevertheless, accepted GH¢5.64 billion of the bids.
For the 182-day bill, GH¢4.22 billion of the bids were tendered. The uptake was GH¢ 2.98 billion.
A little over GH¢2.98 billion was tendered for the 364-day bill, but the government took GH¢2.00 billion of the bids.
Meanwhile, interest rates plummeted on the yield curve, signaling a policy rate cut in this week’s Monetary Policy Committee meeting.
The yield on the 91-day bill went down by 97 basis points to 13.72%.
That of the 182-day bill also declined to 14.61% from 15.02%.
The yield on the 364-day bill also fell by 68 basis points to 14.73%.
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