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Message: [QUOTE="Munyaradzi Mafaro, post: 82190, member: 636"] 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 tenors at the main auction. Market activity was mixed across the week with balanced overall demand. Trading started flat with most maturities unchanged. Investors showed caution, resulting in minimal repricing. Tuesday saw continued subdued action at the short end. Rates for short and mid-term bills closed flat. Long-dated bills attracted more demand during this period. The December 3, 2026, paper declined by sixty-nine basis points. Yields are also compressed on other late 2026 papers. Trading stayed quiet toward the week's close. Yields held steady across most maturities. Only marginal adjustments occurred at the long end. Investors kept cautious, light positions amid muted activity. The market ended the period with a mild downward bias. The average benchmark yield fell four basis points total. Activity is expected to follow available system liquidity going forward. [/QUOTE]

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