Investors’ uptake of Kenya’s Treasury bills surged to a record high of nearly 300 percent this week, the first time in eight auctions.
Auction data from the Central Bank released on Friday shows that overall subscription of the three securities put on sale (91, 182 and 364) hit 281 percent this week, from 131 percent the previous week.
Of the securities, the 91-day paper outperformed the rest, recording a subscription of 355 percent from 31 percent in the previous week, says the apex bank.
Subscription of the 182-day security stood at 244 percent from 173 percent the previous week while for the 364-day at 288 percent, from 244 percent in the preceding auction, the data shows.
Out of the 24 billion shillings (about 235 million U.S. dollars) sought from the three papers, the Central Bank received bids worth about 662 million dollars, according to Barua Daniels, a manager of the financial markets.
It accepted bids worth some 440 million dollars, with the high performance attributed to rising yields of the papers as investors in search of higher interest shift to the debt market. Enditem