EconomyfinanceHeadline

Government to raise ¢1.13bn in T-bills this week

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Government to raise ¢1.13bn in T-bills this week

Government will raise ¢1.13 billion this week to refinance upcoming Treasury bill maturities of ¢1.04 billion.

This will be higher than the ¢1.49 billion secured the previous week.

The government accepted ¢1.68 billion last week in the treasury auction out of total bids worth ¢1.72 billion.

The uptake exceeded the target after the under-subscription in the previous auction.

The 91-day yield closed slightly higher at 35.66%, while the 182-day yield retreated to 35.95%.

Meanwhile, analysts perceive that the implementation of the domestic debt exchange programme may delay due to a looming class action lawsuit.

The government presented amended terms for the programme on December, 242022. The amended terms included an invitation of individual bondholders to participate in the domestic debt exchange and an extension of the deadline for participating in the programme.

However, some individual investors are seeking to file a class action lawsuit against the government over their inclusion in the programme.

This development may protract the successful implementation of the domestic debt exchange, which is critical for obtaining timely board-level approval from the International Monetary Fund.

 

Source: Myjoyonline.com

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