Fixed Income Market: Government exceeds auction target of GHS 1,325 million
Accepted bids were marginally below tendered bids as GHS 1,293.42 million was raised in 91-day bills and GHS 211.12 million in 182-day bills as compared to GHS 759.74 million raised in 91-day bills, GHS 200.69 million in 182-day bills and GHS 142.29 million in 364-day bills at the previous auction.
The government exceeded its target of raising some GHS 1,325 million in the issuance of the 91 and 182 days treasury bills on the fixed income market.
At last week’s auction, government in auctioning the short term debt instruments managed to secure GHS 1,504 million raising an additional GHS 179 million to its programmed auction target of GHS 1,325 million.
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Accepted bids were marginally below tendered bids as GHS 1,293.42 million was raised in 91-day bills and GHS 211.12 million in 182-day bills as compared to GHS 759.74 million raised in 91-day bills, GHS 200.69 million in 182-day bills and GHS 142.29 million in 364-day bills at the previous auction.
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| BREAKDOWN OF TOTAL AMOUNT RAISED THIS WEEK | ||
| Treasuries | Bids Tendered (GH¢ MN) | Bids Accepted (GH¢ MN) |
| 91-Day T-Bill | 1,311.89 | 1,293.42 |
| 182-Day T-Bill | 231.96 | 211.12 |
| TOTAL | 1,543.85 | 1,504.54 |
Yields marginally moved up, reflecting current Inflationary pressures to settle at 24.68% and 25.98% for the 91-day bills and 182-day bills respectively.
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The tight monetary policy stance by BoG to help control the price pressures is fuelling the rise in T-bill rates.
| RESULTS OF LAST WEEK’S TREASURY BILL AUCTION | |||
| GOG Treasuries | Current | Previous | Change |
| 91-Day T-Bills | 24.68% | 23.70% | 0.98% |
| 182-Day T-Bills | 25.98% | 25.41% | 0.57% |
Government’s target for the next auction (Tender #1804) is GHS 1,311.00 million in 91- day bills,182-day bills and 364-day bills.
Source: norvanreports.com
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