The government recorded 33% oversubscription of treasury bills, for the third week running This oversubscription is positive because the target was high, compared to a very reduced target in the previous week. However, interest rates on the 91-day and 364-day bills rose.
The government got GH¢9.2 billion, as against a target of GH¢6.9 billion. It, however, accepted GH¢8.5 billion of the total bids.
A little over 70% of the bids came from the 91-day bill. About GH¢6.56 billion of the bids were tendered. The uptake was GH¢6.50.
For the 182-day bill, GH¢1.32 billion of the bids were tendered. The bids accepted were estimated to the tune of GH¢1.27 billion.
Also, GH¢1.40 billion of the bids were tendered for the 364-day bill. A little over GH¢730 million of the bids were accepted.
Meanwhile, interest rates rose on the 91-day and 364-day bill.
The yield on the 91-day bill increased by 3.0 basis points to 11.11%.
That of the 182-day bill, however dropped by a basis point to 12.54%, from 12.55% the previous week.
The yield on the 364-day bill however went up by38 basis points to 13.08%.
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