T-Bills: Government fails to meet target for 3rd consecutive week; but interest rates narrow
The government failed to meet its treasury bills target for the third consecutive week.
According to the auction results by the Bank of Ghana, the government missed the target narrowly by 4.38%.
The Treasury got GH¢7.22 billion as against a target of GH¢7.588 billion.
The chunk of the bids came from the 91-day bill, with investors offering GH¢6.025 billion. This represented 83.3% of the total bids.
For the 182-day bill, investors tendered in only GH¢ 995.27 million. All the bids were accepted.
A little over GH¢204 million of the bids came from the 364-day bill. The treasury, however, accepted GH¢173.40 million of the bids.
Meanwhile, interest rates continued to narrow on the shorter end of the yield curve.
The yield on the 91-day bill went down by 9.0 basis points to 14.70%.
That of the 182-day bill also declined to 15.25% from the previous week’s 15.45%.
However, the yield on the 364-day bill went up by 3.0 basis points to 15.74%.
| ( | ||
| 91 Day Bill | 6.025bn | 6.025bn |
| 182 Day Bill | 995.27m | 995.27m |
| 364 Day Bill | 204.50m | 173.40m |
| 7.225bn | 7.194bn | |
| 7.588bn |
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