The government will borrow ¢4.08 billion on the treasury market tomorrow December 29, 2023.
This will be done through the issuance of the 91-day, 182-day and 364-day bills.
The uptake will partly be used to refinance estimated maturities of ¢2.55 billion.
There will be a substantial difference of ¢1.53bn between the target and refinancing obligation, pointing to the government’s need for funds to support its budget.
Analysts therefore expect a rise in T-bill yields this week.
Last week’s Treasury bill auction garnered substantial investor participation, with total bids of ¢3.58 billion. This surpassed the gross target by 38%.
The government raised ¢3.57 billion across the treasury market.
The auction saw money market yields closing higher as the government sought to raise new fund for budgetary support.
Yields on the 91-day and 182-day tenors increased by 31 and 81 basis points, respectively, to 29.36% and 31.95%. The 364-day yield was unchanged at 32.49%.
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