Treasury Rates for June 28th 2021

Security	Interest Rates
91 – Day Bill	12.6247%
182 – Day Bill	13.3797 %
364 – Day Bill	16.3329%

The yields on the government’s short-term Treasury assets were little changed this week compared to their levels at their last issuance dates. It is unclear what this slowdown means for the Treasury assets outlook as high demand and sluggish inflation mounts a downward pressure on rates.

The 91-day remained largely unchanged from its last week performance as it declined marginally from 12.6269% posted last week to 12.6247% this week.

The yield on the 182-day bill lost by 1 basis points (bps) this week to add unto last week’s 3 bps dip. It declined to 13.3797% this week from 13.3897% posted last week.

The 364-day bill similarly registered a marginal decline from 16.3374% recorded at its last issuance to 16.3329% this week.

Week-on-Week Changes for 28^th June, 2021

Term	Previous	Current	Change	Percentage Change	Year-to-Date
91 – Day	12.6269%	12.6247%	0.00	-0.02	-10.44%
182 – Day	13.3897%	13.3797%	-0.01	-0.07	-5.44%
364 – Day	16.3374%	16.3329%	0.00	-0.03	-3.72%

Auction results from Bank of Ghana (BoG) tender 1752 further reinforced investor’s recent high demand for Treasury assets as the economy picks up momentum from the ravaging impact of the pandemic.

A total of GHC 1,525.17 million worth of bids were tendered for the 91-day, 182-day, and 364-day bills against the government’s target amount of GHC 1,216.00 million. Whilst the government accepted all bids tendered for the 182-day bill, only GHC 1,112.51 million worth of bids out of GHC 1,340.75 bids were accepted for the 91-day and 364-day bills.

Next week, the government will be seeking to raise a total of GHC 1,178.00 million from 91-day and 182-day bills.