T-bills: Government records 162% oversubscription, interest rates slump

The government recorded an astonishing 162% oversubscription of the treasury bills sales.  

According to auction results by the Bank of Ghana, most of the investors bought the 364-day bill because of its high yield.

The government accepted about GH¢5.8 billion of the total bids.

The 364-day bill was once again the most subscribed bill as GH¢9.9 billion of the bids were tendered, representing 183% of the total bids.

The uptake was, however, GH¢2.6 billion.

The 182-day bill received bids of GH¢1.2 billion. A little above GH¢766 million was accepted.

For the 91-day bill, GH¢3.1 billion of the bids were tendered. A little above GH¢2.4 billion of the bids were accepted.

Meanwhile, interest rates continued to dip on the yield curve.

The yield on the 91-day bill went up by 39 basis points to 5.07%.

That of the 182-day bill also decreased to 7.08% from the previous week’s 7.27%.

Similarly, the yield on the 364-day surged by 91 basis points to 11.59%.