Treasury bill in 36% over-subscription

DEMAND for treasury bills was high resulting in an over-subscription of about 36 percent during Thursday’s auction.
Government, through the Bank of Zambia, was looking to raise K1.8 billion from the short-term debt instrument auction but ended up attracting K2.2 billion due to demand from various portfolio investors.
“The T-bill auction held yesterday (Thursday) was oversubscribed by 36 percent with total bids of K2,249.04 million received at face value and K1,898.70 million allocated at cost,” Absa Bank Zambia Plc said in its market update issued on Friday.
“Majority of the bids fell on the 364 day tenor, with 59 percent subscription rate. Yields, however, remained flat across all tenors.”
In the foreign exchange market, the Kwacha held firm in Thursday’s trading against the United States (US) dollar as market buyers and CLICK TO READ MORE

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