T-bills auction: Government exceeds target by 77%; but to pay more for one-year bill at maturity
Government recorded 77% oversubscription of the treasury bills auction, as the yield on the one-year bill hit 12.99%. According to the auction results by the Bank of Ghana, most investors bought the 364-day bill because of the attractive interest rate. The government received GH¢10.03 billion of the bids from investors but accepted a little above GH¢7 billion.
The 364-day bill was the most subscribed, with GH¢5.65 billion of bids tendered, representing 56.3% of total bids, and an uptake of GH¢4.5 billion. The 182-day bill received bids of GH¢1.3 billion, with a little above GH¢1.0 billion accepted. For the 91-day bill, GH¢2.98 billion of bids were tendered, and a little above GH¢1.79 billion were accepted. Interest rates were mixed on the yield curve; the yield on the 91-day bill dropped by 10 basis points to 5.86%, the 182-day bill remained unchanged at 7.78%, and the 364-day bill surged by 70 basis points to 12.99%.
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Ghana's government recently held a treasury bills auction, attracting significant investor interest. The results show a notable oversubscription
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