The central bank pulled in over fifteen trillion from treasury bills last year. That total came from biweekly primary market auctions. The amount represents the lowest figure in three years. Only one point five trillion was new government borrowing. The rest refinanced bills that matured during the same period.
For comparison, the prior year saw a net inflow of five point eight five trillion. Total allotment then reached thirteen point four trillion. The average yield on these bills dipped slightly to seventeen point seventy two percent. Investors increased their holdings, anticipating fresh borrowing this year.
Yield contraction happened as investors targeted the curve's short and middle sections. This followed interest in longer...