The interest rate on the one-year Treasury bill has fallen by nearly one percentage point in the last eight weeks, narrowing its return premium over the 91 and 182-day papers that had caused investors to concentrate their bids on the longest tenor.
The 364-day paper is now paying an annual interest of 8.34 percent, down from 9.2 percent at the beginning of February. In the same period, the rate on the 182-day T-bill has gone up from 7.80 percent to 7.83 percent, while the return from the 91-day tenor has fallen from 7.63 percent to 7.56 percent.
