Tanzania T-Bills oversubscribed despite lowered yields

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By Mnaku Mbani
The Treasury Bills floated by the Bank of Tanzania yesterday were oversubscribed by more than 150 per cent, which indicated an increased investors’ appetite on government debt instruments.
According to the auction summary published at the central bank website, a total of Tsh357.2 billion were tendered in all maturities against Tsh139.5 billion on offer.

The report shows that a total of 216 bids for different t-bills maturities were received, but unfortunately, only 30 bids worth Tsh139.5 billion were successful. This means that a total of Tsh217.7 billion will be refunded to the investors.
Many bids were received for 182- day and 364-day maturities while the short term (35-day and 91-days) received the amount, which are equivalent to the offered amount.
The report shows that the 364 days maturity received 154 bids, the highest among all maturities, worth Tsh190 billion against Tsh75 billion on offer. However, only 16 bids worth Tsh75 billion were successful.
Both highest and lowest bids for all maturities were ranging from 84.00/100 to 99.38/100, but the weighted average price (WAP) for successful bids ranged from 88.99/100 to 99.35/100.
The Weighted Average Yield (WAY) per annum was set at 11.62 per cent, lower than 13.86 per cent T-Bills floated at the market on April 5 this year.





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