Investors submitted GH¢10.03 billion in bids at this week’s Treasury bill auction, oversubscribing the government’s GH¢5.67 billion target by 77%.
Despite the strong demand, the yield on the 364-day bill climbed sharply to 12.99%, marking its biggest weekly increase in months.
Bank of Ghana auction results as cited by Myjoyonline.com shows the government accepted just GH¢7.38 billion of the bids on offer, with investors piling into the one-year note despite its rising cost to the state.
The 364-day bill again dominated demand, pulling in GH¢5.65 billion in bids, well over half the total tendered.
The government picked up GH¢4.53 billion of that. Its yield surged 70 basis points from the previous week, making it the priciest of the three instruments for the government to service at maturity.
The 91-day bill attracted GH¢2.98 billion in bids, of which GH¢1.8 billion was accepted, even as its yield eased 10 basis points to 5.86%.
The 182-day bill drew GH¢1.4 billion in bids and GH¢1.06 billion was accepted, with its yield holding steady at 7.78%.
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Treasury bill auction oversubscribed by 77% as investors bid GH¢10.03bn
Investors submitted GH¢10.03 billion in bids at this week’s Treasury bill auction, oversubscribing the government’s GH¢5.67 billion target by 77%. Despite the strong demand, the yield on the 364-day...
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