Kenya’s long-term securities attractive to investors as COVID-19 cases fall

Medical workers are seen in a COVID-19 quarantine hospital in Cairo, Egypt, on June 15, 2020. Egypt reported on Monday its highest single-day COVID-19 deaths with 97 fatalities, taking the death toll in the North African country to 1,672, said the Egyptian Health Ministry. According to the ministry's spokesman Khaled Megahed, 1,691 new COVID-19 infections have also been registered in the past 24 hours, bringing the total confirmed cases to 46,289. (Xinhua/Ahmed Gomaa)
(Xinhua/Ahmed Gomaa)

Investors have warmed to Kenya’s Treasury bonds as East African nation’s cases of COVID-19 decline.

Uptake of the long-term securities hit a new high this week, with investors offering the government 81.68 billion shillings (about 756 million U.S. dollars) out of 462 million dollars sought, according to auction data from the Central Bank released Friday.

This is a subscription of 163 percent, the highest in recent times for the securities offered monthly.

The government issued three papers, a 15-year and 20-year, which were reopened after initial sale close to a decade ago and a 15-year fresh bond.

The newly issued bond was the investors’ favorite, attracting some 453 million dollars as the other two got the rest.

Analysts attributed the performance to the return of foreign investors at a time COVID-19 cases are declining. The investors have also returned to the stock market, lifting fortunes that had dwindled due to COVID-19.

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