T-bills auction: Government records 16% undersubscription; interest rates register mixed performance across yield curve
The Treasury received GH¢4.17 billion of the total bids but accepted GH¢3.48 billion.
The government's treasury bill auction fell short of its target, with demand for these short-term debt instruments dropping 16% short of expectations. The Treasury only secured GH¢3.48 billion from the GH¢4.17 billion it hoped to raise. The overwhelming majority of bids, over 70%, came from the 91-day bill, totaling just under GH¢2.9 billion. The 182-day bill received around GH¢1.1 billion in bids, while the 364-day bill saw slightly more than that.
Despite the reduced demand, interest rates on the auctioned bills showed a mixed performance. The yield on the 91-day bill rose by 2.0 basis points to 4.62%. The 182-day bill's yield also increased, climbing from 6.27% to 6.31%. However, the yield on the 364-day bill fell by 4.0 basis points to 9.71%.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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