T-BILLS BOUNCE BACK TO OVERSUBSCRIPTION - FINANCIAL-24
Treasury bills auction held on Wednesday bounced back to oversubscription after the previous two sessions ended up on a low note.
The outstanding performance is an indication that investors in the government securities have sufficient liquidity.
According to the Bank of Tanzania (BoT) auction summary, the session attracted bids worth 361.85bn/-, more than double the amount sought to be raised in the tender. A total of 169bn/- was offered to the market for tendering.
BoT uses the short-term government note to mop excess liquidity in the circulation. Interest rates on the 364 tenure rose significantly to 11.96 per cent compared to 10.88 per cent and 10.27 per cent respectively of the preceding two sessions. Weighted average price for successful bid increased to 10.96 per cent compared to 10.25 per cent and 9.63 per cent of the last two sessions.
The 364 days tenure attracted bids worth 196.63bn/- compared to 100bn/- offered to the market, that was retained at the end as successful amount. The 182 days offer attracted bids worth 165.16bn/- compared to 65bn/- offered to the market for bidding and was kept as successful amount.
The two tenures, 364 and 182 days offer commanded 99 per cent to the total bid tendered to the market in the Wednesday auction. The number of successful bids was 150 out of 270 that participated in the one year treasury bills auction.
The highest bid/100 and lowest bid/100 was 90.93 and 84.00respectively while minimum successful price/100 was 88.85and with weighted average price for successful bid was89.34.
Daily News
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