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Investors seek higher yields from Kenya's 182-day T-bill

Xinhua, June 24, 2016 Adjust font size:

Investors in search of higher returns from Kenya's debt market this week went for the 182-day paper, making the security record a 179 percent subscription, auction data showed on Thursday.

The Central Bank of Kenya offered the bills worth 60 million U.S. dollars and received bids worth 104 million dollars.

The bank accepted all the bids from the paper, whose yields, however, slipped to 9.2 percent at this week's auction, from 9.5 percent last week.

On the other hand, the yield on the 364-day T-bill barely changed, standing at 10.737 percent from 10.734 percent last week.

As with the 182-day bill, the bank offered bills worth 60 million dollars, but investors' interest was not on the bill. It received bids worth 34 million dollars and accepted all of them.

In total, the Central Bank accepted bids worth 140 million dollars, over 20 million dollars than it had sought.

Last week, the bank offered 91-day Treasury bills worth 40 million dollars and received bids worth 75 million dollars, a subscription of 191 percent, and accepted bids only worth 46 million dollars.

A similar scenario is expected this week as yields on the benchmark rate, whose auction results will be out Friday, hit a low of 7 percent, according to analysts, who note investors are cashing in before the rates fall further. Endit