91-day bill slide triggers long bond issues

The 91-day Treasury bill slipped into single-digit rate for the first time since June, as yields on most securities trended south emboldening the Treasury to restart issuing long-term bonds after a nearly six-month pause.

In the latest auction, the 91-day Treasury bill stood at 9.654 per cent, down 4.109 percentage points from the previous auction. The average rate in June was 8.26 per cent for the same paper but this rose in July to an average of 10.57 per cent before peaking at 22.5 per cent last month.