Investor demand for Treasury bills strengthened last week, exceeding the government’s target by 14.14 percent.
According to the latest data from the Bank of Ghana, the Treasury accepted GH¢3.43 billion in bids, compared to a planned GH¢3.01 billion.
The 91-day bill attracted the bulk of subscriptions, with GH¢2.57 billion accepted out of GH¢2.58 billion tendered. The 182-day note followed, recording GH¢608 million out of GH¢613 million submitted, while GH¢247 million was taken on the 364-day bill against GH¢250 million tendered.
Analysts attribute the oversubscription to sustained investor demand, improved uptake by the Treasury, and a relatively modest issuance target.
Meanwhile, yields fell across the short-term curve. The 91-day bill declined by 7 basis points to 10.45 percent, the 182-day dropped by 8 basis points to 12.36 percent, while the 364-day fell by 7 basis points to 12.88 percent.
Looking ahead, the government is targeting GH¢5.58 billion in the upcoming auction.
Comments