The federal government will borrow GH¢5.55 billion on the treasury market tomorrow 23rd Might, 2025.
This will likely be executed by way of the issuance of 91-day, 182-day, and 364-day payments.
The funds will likely be used to settle maturing payments price GH¢5.35 billion.
Demand for the short-term devices has declined in current instances with the federal government lacking its goal for the third consecutive week.
Final week, traders submitted GH¢5.35 billion in bids, however the Treasury took solely GH¢2.76 billion, a pointy pullback from the earlier week’s full acceptance.
The public sale fell wanting the GH¢6.68 billion goal and GH¢6.44 billion in upcoming maturities.
Yields on the 91, 182, and 364-day payments dipped week-on-week.
“We consider the Treasury’s selective acceptance displays a deliberate effort to comprise upward yield stress regardless of tightening liquidity, as institutional demand shifts in direction of the Financial institution of Ghana’s 56-day invoice, which raised GH¢10.9 billion final week. The segment-specific yield curve inversion between the 56- and 364-day payments is more likely to persist, as we anticipate the MPC to keep up the MPR [Monetary Policy Rate] at 28% in its upcoming determination, adopting a wait-and-see method amid the slight uptick in April’s month-on-month inflation”, Databank Analysis stated.
Within the close to time period, analysts anticipate modest public sale uptake alongside continued yield compression.
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