T-bills auction: Government to raise ¢3.21bn this week

Source the Ghana Report

The government will raise about ¢3.21 billion in Treasury bills this Friday, March 24, 2023.

This will be done via the 91-day, 182-day and 364-day bills.

The amount raised will partly be used to refinance ¢1.88 billion worth of maturing T-bills.

Despite the large offer size, analysts believe the prevailing liquidity conditions will enable the government to reach its target.

Additionally, yields will continue to fall as investor demand remains firm.

The government raised ¢3.88bn in last week’s T-bill auction. The uptake exceeded the auction target by 39.79%.

Yields on the 91-day and 182-day retreated to 18.53% (-147 basis points week-on-week) and 21.27% (-158 basis points week-on-week).

A chunk of the bids for the T-bills came from the 91-day T-bill as ¢2.90 billion was accepted.

For the 182-day bill, the bids submitted were estimated at ¢983.7 million. But ¢972.4 million was accepted.

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