RBZ TBs issue under-subscribed

RBZ TBs issue under-subscribed
Reserve Bank HQ

Harare, (New Ziana) – The Reserve Bank of Zimbabwe (RBZ) said on Friday its latest issue of treasury bills floated this week got less than half of the $150 million it sought to raise to finance government operations.

It issued the 365-day paper, its fifth TB issue since the central bank
resumed the public auctions, on Wednesday.

Results of the offer show that the RBZ got total bids amounting to $72
million, and only allotted $51 million.

The highest interest rate on offer was 45 percent, lowest 12 percent
and average 15.49 percent.

This is the second under-subscription of long-term TBs in a row after
another for $300 million only secured $81 million last week.

Market watchers said this was an indication investors were less keen on
long-term paper, compared to short-term TBs.

Previous RBZ offers of short-term TBs a few months ago were heavily
over-subscribed by investors.
New Ziana

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