The recent from the treasury market indicates that the government secured GH¢4.212 billion, a 3.38% more than the targeted amount.
The oversubscription affected treasury bills interest as it dropped down. The rate on the 91-day bill went down by 11 basis points to 29.24%.
Also, the rate on the 182-day bill dropped from the previous 31.94% to 31.88%.
The yield on the one-year bill also fell to 32.48% from the preceding week’s 32.49%.
The drop-in profit rate of treasury bills flaws predictions from financial experts who projected a rise in T-bills yields due to government’s need for finds to support its budget.
Generally, about GH¢2.147 billion came from the 91-day bill, representing about 50.9% of the total bids.
It was followed by the one-year bill in which about GH¢1.646 billion were tendered and all were accepted. It constituted 39.07% of the total bids.
The 182-day, however, received bids worth GH¢417.80 million. About GH¢416.33 million were accepted.
Overall, the uptake will partly be used to refinance estimated maturities of GH¢2.55 billion.
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T-bills interest records a slight fall