The 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 GH¢4.39 billion, falling short of the GH¢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 GH¢128 million. The Government successfully raised GH¢5.52 billion surpassing its GH¢5.4 billion target.
The oversubscription of the auctioned T-Bills followed eight consecutive weeks of undersubscription starting in July.
Undersubscription in the latest auction of the T-Bills was despite marginal upticks in the short-term debt instruments.
Investor interest was notably concentrated in the 91-day Treasury Bill, which attracted GH¢3.77 billion in bids.
The 182-day bill saw a more modest reception, garnering GH¢441 million, while the 364-day bill faced tepid demand with bids totalling just GH¢175 million.
Yields across the 91 and 182-day Treasury Bill tenors edged up, with the 91-day bill rising by 0.1% to 25.01% and the 182-day bill increasing by 0.01% to 26.81%.
Yield on the 364-day bill however remained steady ending the auction at 28.07%.
Looking forward, the government aims to raise GH¢7.43 billion in its next Treasury Bill issuance, again focusing on the 91-day, 182-day, and 364-day maturities.
