T-bills auction: Government to raise ¢3.21bn this week
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The government will raise about ¢3.21 billion in Treasury bills this Friday, March 24, 2023.
This will be done via the 91-day, 182-day and 364-day bills.
The amount raised will partly be used to refinance ¢1.88 billion worth of maturing T-bills.
Despite the large offer size, analysts believe the prevailing liquidity conditions will enable the government to reach its target.
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Additionally, yields will continue to fall as investor demand remains firm.
The government raised ¢3.88bn in last week’s T-bill auction. The uptake exceeded the auction target by 39.79%.
Yields on the 91-day and 182-day retreated to 18.53% (-147 basis points week-on-week) and 21.27% (-158 basis points week-on-week).
A chunk of the bids for the T-bills came from the 91-day T-bill as ¢2.90 billion was accepted.
For the 182-day bill, the bids submitted were estimated at ¢983.7 million. But ¢972.4 million was accepted.
By:myjoyonline.com
