Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd
For the second week running, the government failed to meet its treasury bills target. According to the auction results by the Bank of Ghana, the government recorded 20.14% undersubscription of its auction target.
According to auction results, the government got GH¢3.93 billion as against a target of GH¢ 4.93 billion. It, however, accepted GH¢3.23 billion of the bids.
The most subscribed bill was the 91-day bill, as GH¢2.55 billion of the bids were tendered, representing 64.7% of the total bids.
However, the uptake was GH¢2.21 billion. For the 182-day bill, GH¢762.97 million of the bids were tendered. The bids accepted were GH¢661 million.
The 364-day bill recorded bids of about GH¢625.12 million.
The uptake was GH¢ 359.17 million. Meanwhile, interest rates surged once again on the yield curve. The yield on the 91-day bill increased by 3.0 basis points to 4.81%.
That of the 182-day bill also went up to 6.62% from 6.36% the preceding week. Similarly, the yield on the 364-day bill inched up by 19 basis points to 9.77%.
Source: newsthemegh.com