Rates of Government of Jamaica Treasury bills fell on the 91 day and 192 days instruments the government have been auctioning for some time, but rose slightly on the 28 days tenner as the amount applied for was well below the amount of $400 million offered.
182 days T-bill rates are down more than 50% since March 2014
Treasury bill rates have declined by 50.78 percent since peaking in March 2014 for the 182 day instrument based on the average rate on the latest offering. At the December auction, the average rate on the 91 days bills fell 18.8 basis points compared to the November rate. The 182 days instrument enjoyed only a 0.5 basis point fall and the 28 day instrument rose by 5.5 basis points.
A total of only $347,996,800 chased the $400 million on offer for the 28 days bills, $717 million went after the $400 million on offer for the 90 days instruments and $557 million went after the $400 million offered for 182 days.
[…] Interest rates on the 91 and 182 days Treasury bill instruments fell in the latest auction of the short-term government fund raising issues. Rates on the 28 days instrument auctioned on January 13, rose as the amount chasing the $400 million on offer fell below the offered amount with $391,812,700 applied for, with the rate rising from 5.97% to 6.04%. The 91 days instrument saw a slight drop in the rate below 6 percent for the second consecutive month with an average rate of 5.94%, a fall from 5.96% with $636,369,700 chasing the amount of $400 million on offer and the 182 days instrument fell from 6.04% to 5.94% with application for $872,369,200. […]