T-bills auction: Government to borrow ¢2.08bn this week

The government will borrow ¢2.08 billion this week on the treasury market.

This will be done across the 91-day and 182-day bills to refinance ¢1.98bn maturing bills.

The amount to be raised is lower than the about ¢3.4 billion target the previous week.

Given the relatively smaller target size combined with improving liquidity in the market, analysts believe the government will likely exceed its target. For the past three weeks, the government have failed to meet its ambitious target.

They believe the government will price the Monetary Policy Committee’s decision into short-term yields and negotiate lower yields in subsequent auctions.

In last week’s T-bills auction, the government missed its target for the third consecutive week, as investors pushed through bids worth ¢3.18 billion, below the target by 7.21%.

The government was looking to rope in ¢3.43 billion cedis but got about ¢3.18 billion.

According to the auction results, it received bids of about ¢2.03 billion from investors for the 91-day T-bill, which it accepted about 99% of the bids.

It also accepted about 99% of the bids tendered for the 182-day T-bill. A little above ¢874 million was tendered for that financial instrument.

For the 364-day T-bill, the government accepted all the bids worth ¢274.45 million.

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