T-Bills Archives - Page 5 of 6

21 Mar

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

wontumionlineBusiness182-day, 364-day, 91-day, T-Bills

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%

wontumionlineBusiness182-day, 91-day, Interest rates, T-Bills

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

wontumionlineBusiness182-day, 91-day, Government, T-Bills

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

Government Borrowed ¢70.95Bn Via T-bills In 2022

wontumionlineBusinessMoney Market, T-Bills, yields

Government raised a total of ¢70.95 billion in the money market auctions for 2022. This is out of total bids worth ¢72.83bn. However, the amount government expect to raise in 2023 may exceed that of 2022. This is because the treasury market is presently the only source of borrowing for government. Yields on the money market securities surged significantly in 2022 as investors priced the higher inflation into yields to improve real returns. Consequently, the yield on the benchmark 91-day increased from 12.51% (December 2021) to settle at 35.36% (December 2022). The yields have since retreated as the 91-day Treasury…

13 Mar

Force T-bills Rates Down – Finance Expert To Government

wontumionlineBusinessinterest costs, Joe Jackson, T-Bills

Finance expert and Director of Operations at Dalex Finance, Joe Jackson, wants government to force Treasury bills rates further down to about 15% to reduce its interest costs, and consequently lending rates. The government saved about ¢220 million as interest costs last week for bringing the yield on T-bills down to an average of about 25.50%. The rates went down again to about 22.50% on the average on Friday March 10, 2023. There are also indications that interest on the short term securities’ will fall again in the coming weeks because of the high demand. Mr. Jackson tells Joy Business…

13 Mar

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

wontumionlineBusiness182-day, 364-day, 91-day, BoG, T-Bills

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,…

09 Mar

Government Saves ¢220m From Significant Fall In Interest On T-Bills

wontumionlineBusinessGovernment, Interest rates, T-Bills

The Ghana Government saved ¢220 million from the significant fall in Treasury bills yields. According to the Executive Director of Dalex Finance, Joe Jackson, the interest rates on the Treasury bills will even drop further in the coming weeks. The government on Tuesday, March 7, 2023, beat the cost of its Treasury bills down significantly, securing ¢6.15 billion from the auction, about 121.6% oversubscription. 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…

08 Mar

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

wontumionlineBusiness182-day, 364-day, 91-day, BoG, T-Bills, yield

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…

03 Mar

T-Bills: Government Interest Cost For Last 3 Months Hits ¢4.416bn

wontumionlineBusinessinterest cost, Joe Jackson, T-Bills, yield

Interest cost on Government of Ghana Treasury bills for the last three months (December 2022, January 2023 and February 2023) is estimated at ¢4.416 billion. The government bought a total of ¢33.08 billion worth of T-bills in the last three months. The treasury instruments were sold by government at an average yield of 35%. In December 2022, the government secured ¢12.60 billion at an interest rate of 35.72%. Interestingly, the government in January 2023 reduced its appetite for the short-term securities, mobilising ¢7.3 billion at a rate of 35.66%. However, the government borrowing from T-bills significantly shot up to ¢13.1…

27 Feb

T-bills a=Auction: Government Gets ¢5.06bn; Sale Oversubscribed By 75%

wontumionlineBusiness182-day, 364-day, 91-day, BoG, T-Bills

Government Treasury bills sale were oversubscribed by 75% to the tune of ¢5.06 billion. According to the auction result published by the Bank of Ghana, participation of the 91-day T-bill was almost to the tune of ¢3 billion. Indeed, the 91-day and the 364-day bills recorded immense investor participation. Whilst the 3-months received bids of about ¢2.93 billion, that of the one-year bill got bids worth about ¢1.46 billion. All the bids were, however, accepted by the government. For the 182-day bill, all the bids of about ¢665 million were accepted. Meanwhile, interest rates retreated further for the third week…