Government sets its sights on raising a substantial GH¢3.97 billion target in its T-Bill auction scheduled for Friday, August 18, 2023.
The auction target represents a remarkable 62.9% rise compared to the weekly refinancing obligation of GH¢2.5 billion – a notable week-on-week surge of 29.4%.
With this significantly higher target size relative to the rollover obligation, the Treasury may either seek to raise new financing or convert some bond holdings of individuals and pensioners bondholders into T-bills, notes GCB Capital.
The larger size of the auction, GCB Capital Research further notes, could affect pricing, adding that pronounced yield increases on T-Bills are expected due to the relatively larger size on offer.