T-bills: Gov’t records 43% oversubscription; interest rates decline

The demand for treasury bills continued to surge despite declining yields.

According to auction results from the Bank of Ghana, the government recorded a 43.85% oversubscription of T-bills.

The government raised GH¢10.559 billion from the sale of short-term instruments but accepted GH¢7.650 billion.

A little over GH¢6.1 billion came from the 91-day T-bills, representing about 58% of total bids. The Treasury accepted GH¢3.87 billion.

For the 182-day bill, GH¢4.419 billion was tendered, with about GH¢3.7 billion accepted.

There were no bids for the 364-day bill.

Meanwhile, interest rates declined for the second consecutive week.

The yield on the 91-day bill dropped by 43 basis points to 27.98%, while that of the 182-day bill fell to 28.68% from the previous 28.89%.

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