91-day Archives - Page 2 of 3

05 May

T-bills auction: Government To Borrow ¢1.83Bn On May 5

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The government will borrow ¢1.83 billion today May 5, 2023, on the treasury market. The amount will be raised via the issuance of 91-day, 182-day and 364-day Treasury bills. This will be used to refinance upcoming maturities estimated at ¢1.75 billion. In this regard, ¢800 million fresh funds will be added to the new issuance. Analysts perceive yields could remain slightly elevated on tight liquidity conditions, until inflation data is released next week. The government bagged ¢2.06 billion from the sale of the short-term securities, about 30.4% oversubscription over the targeted amount of ¢1.585 billion Majority of the bids came…

17 Apr

T-bill Auction: Interest Rates Shoot Up Again; Government Secures ¢1.79Bn

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Interest rates shot up marginally again for the third week running, as the market corrects itself to reflect the prevailing economic condition. According to the auction results, the yield on the 91-day and 182-day T-bills inched up slightly. Whilst the 91-day T-bill went up by 0.05% to 19.79%, that of the 182-day bill increased to 22.47%, from 22.24% the previous week. But the one-year (364-day) bill went down by 0.05% to 26.90%. Government is hoping to reduce its interest costs substantially this year and the next couple of years, and therefore the high interest rate is a concern. Meanwhile, the…

10 Apr

T-bills Auction: Interest Rates Rise Again; Government Records 6% Oversubscription Of Auction

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Interest rates rose marginally again as government recorded a slight oversubscription of its Treasury bills sale. According to the latest auction by the Bank of Ghana, the rising rates is in tandem with the recent policy rate increase by the Central Bank. The auction results showed that the yield on the 91-day T-bill went up by 0.31% to 19.69%, whilst that of the 182-day T bill increased to 22.24%, from 21.85% the previous week. The rate on the 364-day T-bill also surged to 26.95%. Some analysts have described the recent increase in the interest rates on the treasury market as…

04 Apr

T-Bills auction: Government To Borrow ¢1.77Bn This Week

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The government will borrow ¢1.77 billion from Treasury bills this Thursday, April 6, 2023. This will be done via the issuance of the 91-day, 182-day and 364-day T-bills. The proceeds is expected to be used to refinance maturing bills worth ¢1.68 billion. Demand for the short term securities rebounded again, following improved investor sentiments about the economy. Last week, the government accepted ¢1.60 billion out of total bids tendered worth ¢1.62 billion. The uptake exceeded the auction target as demand picked up. Interest rates however rose marginally as the government secured more than 21.43% from the Treasury bills sale. The…

04 Apr

Government Borrowed ¢14.16Bn Via T-bills In March 2023

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The government raised a total of ¢14.16 billion via Treasury bills in March 2023. This is out of total bids of ¢16.70 billion as investor demand remained robust. In a bid to reduce the debt burden, the yields dropped sharply, with the 91-day yield at 18.88% (-17.14% month-on-month. Also, the 182-day and 364-day bills closed lower at 21.44% (-14.45% month-on-month) and 25.66% (8.80% month-on-month), respectively. Analysts believe that investor interest will remain firm for upcoming issuances in April 2023 though some risks persist. Additionally, yields are expected to rise due to the policy rate hike. Government borrowed ¢70.95bn via T-bills…

21 Mar

T-bills Auction: Government To Raise ¢3.21Bn This Week

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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…

20 Mar

Interest Rates On Falling Spree; Government T-bills Oversubscribed By 40%

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Interest rates fell once again as government Treasury bills was oversubscribed by about 40.3% to the tune of ¢3.89 billion. According to the auctioning results by the Bank of Ghana, the bids for the 91-day bill was far more than the targeted amount. Following the successful completion of the Domestic Debt Exchange Programme, interest rates on the money market have witnessed a significant fall. From a high of 35%, the rates have eased to about 20% on the average. The yield on the 91-day bill fell by 0.52% to 18.52%. At the same time, the 182-day rate also declined to…

15 Mar

T-bills Auction: Government To Raise ¢2.78bn This Week

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The government will raise ¢2.78 billion via Treasury bills this week on the Treasury market. This is coming after weeks of oversubscription of Treasury bills at reduced prices. The funds will be raised via the 91-day and 182-day bills. The proceeds are expected to be used to refinance maturing principal amounts worth ¢2.64 billion. Analysts believe investor demand will remain strong and sustain the yield decline. The Ministry of Finance has assured that bondholders whose coupon and principal payments matured on February 6, 2023, and February 13, 2023 will receive their funds within the next 48 hours. The analysts believe…

13 Mar

T-bills Auction: Interest Rates Fall To 19%; Government Gets ¢4.20Bn

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Interest rates remarkably fell significantly within just a week, following the government’s decision to reject bids with higher yields. According to the latest auction by the Bank of Ghana, the 91-day yield fell once again to 19.04% from 24.16% last week. From a high of 35% a week ago, interest rates on the short term securities have dipped significantly on the yield curve. Whilst the 91-day bill yield has fallen by 16%, that of the 182-day bill has plunged by about 13%, going for 22.84%. The 364-day bill has also dropped by about 9% to 26.82% on Friday March 10,…

08 Mar

T-bills Auction: Government Gets ¢6.15bn At 24% Interest

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The government beat the cost of its Treasury bills down significantly, securing ¢6.15 billion from the latest auction, about 121.6% oversubscription. It however accepted ¢4.52 billion of the bids from the investors, largely banks. According to results from the Bank of Ghana, the government reduced the pricing of the short term instruments from 35% to a yield of 24.16% for the 91-day T-bills. However, that of the 182-day and 364-day bills were sold at 26.55% and 27.54% respectively. The results further indicate that the 91-day T-bill received bids worth ¢2.73 billion. However, the government accepted ¢1.16 billion. For the 182-day…