T-Bills oversubscribed as investor demand surges as yields ease

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.

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