Treasury Rates [November 28, 2022]

Security	Interest Rates
91 – Day Bill	35.5427%
182 – Day Bill	36.3769%
364 – Day Bill	35.8963%

The yields on the government’s short-term papers went up this week, adding to gains registered over the period as the 91-day bill gained by 35 basis points (bps) to clear at 35.5427% whilst the 182-day bill rose by 39 bps to clear at 36.3769%, and finally, the 364-day bill picked up by 82 bps to also clear at 35.8963%.

Week-on-Week Changes

Tenor	Previous	Current	w-o-w Change	w-o-w % Change	Year-to-Date
91 – Day	35.1966%	35.5427%	0.35	0.98%	183.76%
182 – Day	35.9885%	36.3769%	0.39	1.08%	175.34%
364 – Day	35.0768%	35.8963%	0.82	2.34%	115.67%

Auction results of tender 1826 held last Friday showed investors thronging to the government’s short-term papers as surging inflation numbers make fixed-income securities attractive. The government achieved an oversubscription rate of nearly 10.0%.

A total of GHS 2,391.38 million worth of bids were tendered for the 91, 182, and 364 tenors against the government’s target amount of GHS 2,176.00 million. The government accepted all bids tendered for the 91 and 364 tenors but could only accept GHS 223.55 million out of GHS 224.44 million worth of bids tendered for the 182-day bill.

In the week ahead, we expect the government to return to the domestic market in an attempt to mobilize GHS 1,852.00 million from 91-day and 182-day bills.