T-bills auction: Interest rates fall marginally; Government records 3.38% oversubscription
Interest rates fell marginally on the treasury market, as the government recorded a marginal oversubscription of Treasury bills auction.
According to the auction results, the government got ¢4.212 billion, about 3.38% more than the targeted amount.
The rate on the 91-day bill went down by 11 basis points to 29.24%.
Similarly, the 182-day bill eased to 31.88% from the previous 31.94%.
The yield on the one-year bill also fell to 32.48% from the preceding week’s 32.49%.
Analysts were expecting a rise in T-bill yields because of the government’s need for funds to support the budget.
Meanwhile, the government accepted ¢4.210 billion of the bids tendered for the auction.
About ¢2.147 billion came from the 91-day bill, representing about 50.9% of the total bids.
It was followed by the one-year bill in which about ¢1.646 billion were tendered and all were accepted. It constituted 39.07% of the total bids.
The 182-da, however, received bids worth ¢417.80 million. About ¢416.33 million were accepted.
Overall, the uptake will partly be used to refinance estimated maturities of ¢2.55 billion.
SECURITIESBIDS TENDERED (GH¢)BIDS ACCEPTED (GH¢)91-Day Bill2.147 billion2.147 billion182-Day Bill417.80 million416.33 million364-Day Bill1.646 billion1.646 billion   TOTAL4.212 billion4.210 billionTARGET4.075 billionÂ
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