T-bills auction: Government fails to meet target; accepts all bids
The government failed to meet its treasury bill target, just a week after it recorded a 17% oversubscription.
According to the auction results, demand for the short-term instruments remains subdued due to the low yields.
The government got GH¢3.537 billion from the sale of the bills. It consequently accepted all the bids tendered by the investors.
A chunk of the bids came from the 91-day bill, where GH¢2.697 billion, representing 76.2% of the total bids, were tendered.
For the 182-day bill, GH¢ 554.06 million was received.
The bids tendered for the 364-day bill were estimated at GH¢286.17 million.
Meanwhile, interest rates continued to decline, reducing the government’s cost of borrowing in the domestic market.
The yield on the 91-day bill went down by 13 basis points to 14.92%.
That of the 182-day bill was 15.48% compared with the previous week’s 15.55%. The 364-day bill also dipped by 9.0 basis points to 15.91%.
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