T-Bill auction records 41.5% oversubscription, yields ease further

Data from the Bank of Ghana show that investors tendered GH¢5.01 billion across the 91-day, 182-day and 364-day bills, exceeding the government’s target of GH¢3.54 billion by GH¢1.47 billion. This represents an oversubscription of 41.5%, indicating stronger investor interest in government securities.

The Treasury accepted GH¢4.11 billion of the bids submitted, exceeding its target by GH¢563.96 million.

The 91-day bill attracted the largest share of investor demand, with GH¢3.00 billion tendered, of which the Treasury accepted GH¢2.93 billion.

For the 182-day bill, investors tendered GH¢1.62 billion, while GH¢934.50 million was accepted.

The 364-day bill recorded the lowest demand, attracting GH¢388.45 million in bids, of which GH¢243.15 million was accepted.

Yields on all three Treasury bills continued to decline. The 91-day bill yield fell by 4 basis points to 4.56%, while the 182-day bill yield dropped by 7 basis points to 6.20%.

The 364-day bill yield also declined by 12 basis points to 9.48%.

For the next auction, the government is targeting GH¢5.57 billion through the issuance of 91-day, 182-day and 364-day Treasury bills.