Treasury Bills record 18.5% oversubscription on sustained investor demand

Investor confidence in the Treasury market remained robust for a fifth straight week, with the latest Bank of Ghana data showing Treasury bills oversubscribed by 18.48 per cent.

At the most recent auction, investors submitted bids worth GH¢3.91 billion for the 91-day, 182-day and 364-day bills, surpassing the government’s target of GH¢3.30 billion. Out of the total bids received, GH¢3.85 billion was accepted.

The 91-day bill continued to dominate investor interest, attracting GH¢2.4 billion in bids, all of which were accepted by the government.

Bids for the 182-day bill totalled GH¢781 million, with GH¢726 million taken up, while the 364-day bill recorded GH¢686 million in bids, all of which were fully accepted.

Market analysts attributed the sustained oversubscription to renewed participation by banks and an improved maturity structure, both of which supported investor appetite.

Interest rates inched up marginally across all tenors, reflecting persistent demand at the auction. The yield on the 91-day bill rose by 1 basis point to 11.09 per cent. The 182-day bill yield increased to 12.52 per cent from 12.43 per cent, while the 364-day bill yield climbed by 3 basis points to 12.94 per cent.

At the next auction, the Treasury aims to raise GH¢3.99 billion through the three short-term instruments.