T-bills auction: Government exceeds target by 79%, but one-year bill yield increasesThe government continued to attract high investor interest for its treasury bills, as it recorded another oversubscription of its short-term instruments. According to auction results by the Bank of Ghana, the government recorded 79% more than its target.It received bids worth GH¢10.5 billion, but accepted a little over GH¢8.6 billion of the total bids.The 364-day bill was once again the most subscribed bill as GH¢7.47 billion of the bids were tendered, representing about 71% of the total bids.The uptake was, however, GH¢7.1 billion.The 182-day bill received bids of GH¢757.9 million. A little above GH¢501 million was accepted.For the 91-day bill, GH¢2.2 billion of the bids were tendered. A little above GH¢972 million of the bids were accepted.Meanwhile, interest rates continued to rise on the yield curve.The yield on the 91-day bill remained unchanged at 5.76%.That of the 182-day bill dropped to 7.64% from the previous week’s 7.68%.However, the yield on the 364-day surged by 2.0 basis points to 12.96%.SECURITIESBIDS TENDERED (GH¢)BIDS ACCEPTED (GH¢)91 Day Bill 2.27bn927m182 Day Bill757.9m501.38m364 Day Bill7.47bn7.17bn Total10.5bn8.65bnTarget5.866bn