FIXED INCOME MARKET REPORTS

T-Bill Auction Records First Undersubscription of GHS 1.04 Billion in Six Weeks

The Government of Ghana has missed its Treasury bill (T-bill) auction target of GHS 6.22 billion, securing GHS 5.17 billion in the November 15, 2024 auction.

Despite the undersubscription, demand remained robust across all three tenors, with the 91-day bill leading with bids of GHS 3.94 billion.

The 182-day and 364-day bills also garnered investor interest, attracting GHS 653 million and GHS 584 million, respectively.

T-Bills Continues to Grow as Gov't Exceeds Auction Target for 4th Consecutive Week

The Government of Ghana has raised GHS 4.07 billion in its latest Treasury bill auction, surpassing its target of GHS 4.01 billion by GHS 66 million.

The auction, held on November 1, saw particularly robust demand for the 91-day bill, which drew bids totaling GHS 3.32 billion.

The 182-day and 364-day bills also attracted considerable investor interest, raising GHS 549 million and GHS 200 million, respectively.

Treasury Misses Treasury Bill Auction Target for Third Consecutive Week, Raising GHS 3.67 Billion

The Government has once again missed its Treasury Bill auction target raising GHS 3.67 billion last Friday, significantly short of its GHS 5.98 billion auction target.

The reduced demand for the short-term debt instruments resulted in an under-subcribtion of GHS 2.30 billion.

This marks the third consecutive week of undersubscription, following a shortfall of GHS 2.67 billion the previous week when the government sought to raise GHS 7.43 billion.

The inability of the Government to achieve its auction target can be attributed to the reduction in yields across the three tenors.

Gov't Misses Treasury Bill Auction Target by GHS 2.67 Billion for Second Consecutive Week

The government has missed its Treasury Bill auction target for the second consecutive week, raising GHS 4.76 billion last Friday, significantly short of its GHS 7.43 billion auction goal.

This follows an undersubscription of GHS 1.48 billion the previous week, when the government aimed to raise GHS 5.88 billion.

The most recent shortfall, an undersubscription of GHS 2.67 billion, occurred despite rising yields on short-term debt instruments.

Gov't Returns to Missing T-Bill Auction Targets; Hit by GHS 1.48 Billion T-Bill Undersubscription

Government has returned to missing auction targets set for its short-term debt instruments - 91, 182, and 364-day treasury bills.

The Treasury in the latest auction raised GHS 4.39 billion, falling short of the GHS 5.88 billion target by GHS 1.48 billion.

This is the first recorded undersubscription of the debt instruments following its oversubscription last week by some GHS 128 million. The Government successfully raised GHS 5.52 billion surpassing its GHS 5.4 billion target.

Gov't Exceeds T-Bill Auction Target for First Time after 8 Consecutive Week of Undersubscription

The Government successfully raised GHS 5.52 billion in its latest Treasury Bill auction on Friday, surpassing its GHS 5.4 billion target.

This represents an oversubscription rate of 2.37% or GHS 128 million, marking the first oversubscription since July following eight consecutive weeks of undersubscription.

The oversubscription in the Treasury's latest auction can be attributed to the rising yields in short-term debt instruments.

Treasury Misses T-Bill Auction Target by GHS 756 Million for Eighth Consecutive Week

The Government of Ghana has once again missed its Treasury Bill auction target, marking the eighth consecutive week of undersubscription.

The latest auction raised GHS 4.84 billion, falling short of the GHS 5.60 billion target by GHS 756 million. This persistent shortfall raises significant concerns about the government's ability to secure necessary funding through short-term debt instruments.

Investor interest was notably concentrated in the 91-day Treasury Bill, which attracted GHS 3.90 billion in bids.

Gov’t Misses T-Bill Auction Target for Seventh Consecutive Week

The latest auction raised GHS 4.09 billion, significantly below the GHS 5.08 billion target, with a shortfall of GHS 994 million, heightening concerns about the government’s ability to secure necessary funding through short-term debt securities.

Investor interest was concentrated in the 91-day Treasury Bill, which attracted GHS 2.53 billion in bids. The 182-day bill garnered GHS 1.35 billion, while the 364-day bill saw more tepid demand, with bids totaling GHS 205 million.

T-Bills Undersubscription: Gov't Continues to Miss Auction Targets; Raises GHS 5.2 Billion in Latest Auction

The Government’s struggle to meet its Treasury Bill auction targets has persisted for the sixth week in a row, as the latest auction raised GHS 5.22 billion, narrowly missing the GHS 5.31 billion target by GHS 91 million.

This ongoing shortfall highlights growing concerns about the government's ability to secure adequate funding through short-term debt securities.

Investor sentiment was most robust for the 91-day Treasury Bill, which garnered bids totaling GHS 3.72 billion.

Undersubscription Of T-Bills Continues As Gov't Misses Target By GHS 345 Million In Latest Issuance

The government continues to struggle with its Treasury Bill auctions, missing its targets for the fifth consecutive week.

In the latest auction, GHS 4.62 billion was raised, falling short of the GHS 4.96 billion target by GHS 345 million.

This persistent undersubscription underscores ongoing concerns about the government’s ability to meet its funding needs through short-term debt securities.

Investor interest was strongest in the 91-day Treasury Bill, which attracted bids of GHS 3.60 billion, followed by the 182-day bill at GHS 733 million and the 364-day bill at GHS 284 million.