Circa GHS 7 billion bids accepted by Gov’t in Treasury Bill auction

The auction yields settled at 27.28% for the 91-Day Bill and 29.74% for the 182-Day Bill with both declining by 61bps and 65bps respectively compared to the rates for the previous auction.

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The Treasury, in its last T-Bill auction for the month of February, mobilized an amount of GHS 6.96bn.

This was against a programmed target of GHS 6.26bn.

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On the back of the bids accepted, the Treasury exceeded its target by some GHS 701m.

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All bids tendered by primary dealers were accepted by the Treasury indicating a 100% acceptance rate.

The GHS 6.96 billion accepted bids were detailed in the BoG auction results following the Central Bank’s post-auction meeting with the Central Securities Depository (CSD) and the Finance Ministry on Friday, February 23, 2024.

The GHS 6.96 billion bids accepted by the Treasury imply an 11.1% oversubscription rate above the initial GHS 6.26 billion target.

This is despite the reduction in yields across the three tenors; 91–Day, 182-Day, and 364-Day.

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Among the various tenors, the 91-day Bill attracted the highest number of subscriptions, followed by the 182-Day Bill and the 364-Day Bill.

The successful bids after the auction amounted to GHS 3.41 billion, GHS 1.81 billion, and GHS 1.74 billion for the 91–Day, 182-Day, and 364-Day tenors respectively.

The auction yields settled at 27.28% for the 91-Day Bill and 29.74% for the 182-Day Bill with both declining by 61bps and 65bps respectively compared to the rates for the previous auction.

The 364-Day bill also saw a yield decline of 60bps to settle at 30.29%.

Looking ahead to the next auction, the treasury aims to raise some GHS 4.13 billion through the issuance of the 91,182, and 364 Day bills to cater for impending maturities.

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