T-bills: Government records 162% oversubscription, interest rates slump
The 364-day bill was once again the most subscribed bill as GH¢9.9 billion of the bids were tendered, representing 183% of the total bids.
The government recorded a staggering 162% oversubscription for treasury bills sales, according to auction results by the Bank of Ghana. The 364-day bill was the most sought-after, with investors attracted by its high yield. The government accepted GH¢5.8 billion of the total bids, which amounted to 183% of the total bids. The 182-day bill also saw significant interest, with GH¢1.2 billion accepted out of the GH¢1.2 billion in bids.
The 91-day bill received GH¢3.1 billion in bids, with GH¢2.4 billion accepted. As a result, interest rates on the yield curve continued to decrease. The yield on the 91-day bill increased by 39 basis points to 5.07%, while the 182-day bill decreased to 7.08% from the previous week's 7.27%. The 364-day bill yield surged by 91 basis points to 11.59%.
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