Investors rebuff T-bill offer

The Treasury bills offer that closed on Wednesday saw investors rebuffing the government offering by refusing to bid for the full amount of $400 million offered to mature on Friday, 11 September 2015.
This is the first that this has happened for some time. Investors placed bids for only $305,006,100 for the $400 million offered while the government took up $305,005,500 but at a slightly higher rate of 6.2552 percent than obtained at the July auction. At the July auction the average was 6.217 percent. Full allotment was made for bids with yields ranging between 6 percent and 6.5 percent.
In June 2013 investors rebuffed government’s the 90 days and 182 days offers of Treasury bills. The three months issue that matured on 20 September 2013 for $400 million attracted just $284,330,500 and the six month issue that matured on 20 December 2013 for $400 million but attracted just $201,628,400.