Treasury bill rates continue slide

Interest rates fell in the latest issues of Treasury bill that were on offer on Wednesday continuing a slow decent since the start of 2015 but a much steeper decline form March last year. The two offerings for $400m each, attracted bids for over $940 million each with a total of 1.93 billion.
The 91 days instrument cleared at an average of 6.352 percent down from July’s average of 6.44 percent with bids between 5.93 percent to 6.4304 percent were fully accepted while the 182 days yielded an average 6.49 percent a decline from July’s average of 6.60 percent with bids between 6.2 to 6.55 percent being fully allotted.
The declines come against the back ground of Bank of Jamaica (BOJ) 0.25 percent cut in its 30 days CD rates effective on Tuesday. There is no indication in the Treasury bill average rate that the BOJ move had any noticeable impact, although the rate of decline this time around is steeper than the previous three.