The government will raise ¢2.76 billion on Friday, February 10, 2023, to refinance Treasury bill maturities worth ¢2.53 billion.

This will be issued via the 91-day, 182-day and and 364-day bills.

With such a large size on offer, the yields are expected to continue the upward trajectory, but marginally.

Following the Domestic Debt Exchange Programme, which has triggered the suspension of the issuance of bonds, the short term securities market remain the only source of borrowing for the government.

Consequently, investors have no option than to invest in the treasury market for gains.

Last week, the government mobilised ¢1.95 billion from the treasury market as it accepted all bids tendered.

The uptake exceeded the auction target by 37%.

The yields on the 91-day and 182-day tenors rose slightly to 35.75% and 35.81% respectively, but within the 35% bracket.