The government recorded 77% oversubscription of the treasury bills auction, as the yield on the one-year bill hit 12.99%.
According to the auction results by the Bank of Ghana, most of the investors bought the 364-day bill because of the attractive interest rate. However, the government will have to pay more to service the bill at maturity.
The government received GH¢10.03 billion of the bids from the investors. However, it accepted a little above GH¢7 billion.
The 364-day bill was once again the most subscribed bill as GH¢5.65 billion of the bids were tendered, representing 56.3% of the total bids.
The uptake was, however, GH¢4.5 billion.
The 182-day bill received bids of GH¢1.3 billion. A little above GH¢1.0 billion was accepted.
For the 91-day bill, GH¢2.98 billion of the bids were tendered. A little above GH¢1.79 billion of the bids were accepted.
Meanwhile, interest rates were mixed on the yield curve.
The yield on the 91-day bill dropped by 10 basis points to 5.86%.
That of the 182-day bill remained unchanged at 7.78% from the previous week.
The yield on the 364-day, however, surged by 70 basis points to 12.99%.
| SECURITIES | BIDS TENDERED (GH¢) | BIDS ACCEPTED (GH¢) |
| 91 Day Bill | 2.981bn | 1.796bn |
| 182 Day Bill | 1.398bn | 1.057bn |
| 364 Day Bill | 5.654bn | 4.529bn |
| Total | 10.034bn | 7.383bn |
| Target | 5.669bn |
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