During the month of January, T-bills were oversubscribed, with the overall subscription rate coming in at 120.1%, an increase from the 61.5% recorded in December 2021, partly attributable to the ample liquidity in the money market partly attributable to government payments which offset tax remittances, with the average interbank rate declining to 4.5%, from the 5.1% recorded in December 2021. Overall subscription rates for the 182-day and 364-day papers increased to 94.3% and 160.2%, from 50.2% and 56.4%, respectively, recorded in December 2021. The subscription rate for the 91-day paper on the other hand declined to 84.3%, from the 102.3% recorded in December 2021. The yields on the 91-day, 182-day and 364-day papers increased by 7.1 bps, 8.9 bps and 31.6 bps to 7.3%, 8.1% and 9.5%, respectively. In the Primary Bond Market, the government issued a new 19-year Infrastructure bond, IFB1/2022/19, whose bid closure date is 15th February 2022. Key to note, the bond’s coupon rate will be market determined.