Investor interest in Treasury bills increased significantly last week, surpassing the government’s target by 14.14 percent.
As per the most recent data from the Bank of Ghana, the Treasury accepted bids totaling GH¢3.43 billion, in contrast to the planned GH¢3.01 billion.
The 91-day bill garnered the majority of subscriptions, with GH¢2.57 billion accepted from GH¢2.58 billion tendered. Following this, the 182-day note recorded GH¢608 million accepted out of GH¢613 million submitted, while GH¢247 million was accepted for the 364-day bill against GH¢250 million tendered.
Experts attribute the oversubscription to ongoing investor interest, enhanced uptake by the Treasury, and a relatively conservative issuance target.
In the meantime, yields have decreased across the short-term spectrum. The yield on the 91-day bill fell by 7 basis points to 10.45 percent, the 182-day yield decreased by 8 basis points to 12.36 percent, and the 364-day yield dropped by 7 basis points to 12.88 percent.
Looking forward, the government aims to raise GH¢5.58 billion in the forthcoming auction.
