The Bank issues securities (Treasury Bills, notes and Bonds) on behalf of the Government. It may also manage the issuance of bonds on behalf of state bodies. The issuance takes place through an automated auction system. A multiple price auction system is used for shorter dated securities - treasury bills (up to one year) and notes ( over one year to five years) while a single price auction system is used for bonds (over five years).
Treasury bills and notes are issued to the public through a system of Primary Dealers while the bonds are issued through a number of Government Securities Intermediaries. The Bank maintains an electronic depository for all securities issued and carries out the functions of Registrar and Paying Agent for these securities. The issuance and depository functions are contained within the Government Securities System (GSS). The depository is linked to the Real Time Gross Settlement System( RTGS) to facilitate the payment side of securities transactions.