T-Bills remain oversubscribed as investors submit GH¢12.7bn in latest auction

Investor demand for Treasury bills remained strong for the third consecutive week, with the latest auction attracting GH¢12.70 billion in bids, far exceeding the government’s target of GH¢7.36 billion.

Data from the Bank of Ghana showed that investors submitted bids across the 91-day, 182-day and 364-day Treasury bill instruments, resulting in an oversubscription rate of 72.5%.

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The government accepted GH¢9.98 billion of the bids received, surpassing its target by GH¢2.62 billion as it leveraged continued investor appetite for short-term government securities.

The 364-day Treasury bill recorded the highest demand, attracting GH¢8.31 billion in bids, out of which GH¢6.35 billion was accepted.

The instrument accounted for the largest share of the amount raised.

The 91-day bill received bids worth GH¢3.51 billion, with GH¢3.04 billion accepted, while the 182-day bill attracted GH¢873.97 million in bids, of which GH¢584.98 million was taken.

Yields recorded mixed movements during the auction. The rate on the 91-day bill declined to 5.78% from 5.86% in the previous auction, while the 182-day bill eased to 7.68% from 7.79%. The 364-day bill, however, saw a slight increase to 13.00% from 12.99%.

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The latest results extend the recent trend of strong investor participation in government securities, following another oversubscribed auction that attracted more than GH¢10 billion in bids.

The government is expected to return to the market in the next auction with a target of GH¢9.49 billion as it continues efforts to meet its short-term financing needs.

DR/SA