Treasury Rates for November 1, 2021

Security	Interest Rates
91 – Day Bill	12.4464%
182 – Day Bill	13.1184%
364 – Day Bill	16.2407%

The downward pressure on the lower end of the Treasury yield curve persisted this week as the yields on the government’s short-term assets inched lower from previous week’s levels. Rising inflationary levels have failed to lift Treasury yields since last year as investor’s continue to express strong interest in Treasuries.

This week, the 91-day bill reversed its gains recorded last week as it declined by 1 basis points (bps). It fell from 12.4595% registered last week to 12.4464% this week.

The 182-day bill plunged by 4 bps to erase last week’s 1 bps gain. It dipped from 13.1569% recorded last week to 13.1184% this week, its lowest since August, 2017.

The 364-day bills failed to hold onto its recent gains as it lost by 3 bps this week. It weakened to 16.2407% this week from 16.2660% at its last issuance date.

Week-on-Week Changes

Term	Previous	Current	w-o-w Change	Percentage Change		Year-to-Date
91 – Day	12.4595%	12.4464%	-0.01	-0.11%	-11.70%
182 – Day	13.1569%	13.1184%	-0.04	-0.29%	-7.29%
364 – Day	16.2660%	16.2407%	-0.03	-0.16%	-4.26%

Auction results from Bank of Ghana (BoG) tender 1770 showed that demand picked up pace ahead of the announcement of consumer price data for October where the inflation rate will be expected to prevail above the central bank’s medium-term inflation target band.

A total of GHC 563.34 million worth of bids were tendered for the 91-day, 182-day, and 364-day bills against the government’s target amount of GHC 560.00 million. All bids tendered were subsequently accepted.

Next week, the government will be seeking to raise a total of GHC 1,487.00 million from 91-day, 182-day, and 364-day bills.