T-bills auction: Government records 43% oversubscription; interest rates tumble - MyJoyOnline
For the 5th week running, the government recorded an oversubscription of treasury bills auction.
According to auction results by the Bank of Ghana, the government recorded 43.59% of the sale of short-term instruments.
The government received an incredible GH¢9.372 billion as demand for T-bills surged. This was against a target of GH¢6.527 billion.
About GH¢5.59 billion of the bids tendered came from the 91-day bill. This represented 59.64% of the total bills tendered. GH¢5.224 billion of the bids were accepted.
For the 182-day bill, GH¢1.522 billion of the bids were tendered. Only GH¢531.4 million were accepted.
Once again, the one-year bill received more bids than the 182-day bill.
About GH¢2.259 billion of the bids were tendered. A little over GH¢2.240 of the bids were accepted.
Meanwhile, interest rates went down for the first time in several weeks.
It decreased by 10 basis points to 28.41% with respect to the 91-day bill.
For the 182-day bill, the yield was 28.89% compared with 29.77% the previous week.
The interest on the 364-day bill also declined by 3.0 basis points to 30.37%.
| ( | ||
| 91 Day Bill | 5.590bn | 5.224bn |
| 182 Day Bill | 1.522bn | 531.40m |
| 364 Day Bill | 2.259bn | 2.240bn |
| 9.372bn | 7.995bn | |
| 6.527bn |
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