Home Business Government to borrow ¢2.42bn in T-bills this week

Government to borrow ¢2.42bn in T-bills this week

Call us



Government will borrow ¢2.42 billion in Treasury bills to refinance the upcoming maturities of ¢2.22 billion in this week’s T-bill auction.

This is coming after the government obtained ¢1.72 billion from the short-term securities, from a target of ¢1.125 billion last week.

The amount achieved exceeded the auction target by 52.30%, surpassing the refinancing obligation.

Due to competitive pricing of bids and robust investor demand, yields on the 91-day and 182-day tenors retreated to 35.46% (-20 basis points) and 35.83% (-11 basis points). The 364-day yield, however, recorded an uptick to 35.92% (+2 basis points).

More than 85% of the bids tendered were from the 91-day T-bills as demand surged. Government accepted all the bids of about ¢1.47 billion.

Again, the government accepted all the bids of ¢198.49 million tendered by the investors, largely banks.

Analysts expect T-bill yields to decline as an expected International Monetary Fund support-programme in the first quarter of 2023 coupled with a stable outlook of the cedi may limit currency pass-through to inflation.

However, it will depend on a successful Domestic Debt Exchange programme.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.



Source link

Previous articleKwadwo Nkansah Lilwin shades Dr Likee again in a new video after Delay Interview?
Next articleParamount chief of Tatale enskined Obore Sagbe Tininyitob Likorwuli as new Bedribombe Chief