Kenyan Treasury bills remained undersubscribed, with the subscription rate coming in at 84.1 percent, up from 49.6 percent the previous week.
This was supported by the relatively high liquidity in the money markets.
The highest subscription rate was in the 91-day paper, which came in at 180.7 percent, up from 68.5 percent recorded the previous week.
The subscription for the 182-day paper also rose to 76.0 percent, from 31.6 percent recorded the previous week, while that of the 364-day paper declined to 53.5 percent from 60.0 percent recorded the previous week.
The yields on the 91-day and 364-day papers remained unchanged at 6.3 percent and 7.6 percent, respectively, while that of the 182-day paper increased marginally to 6.7 percent, from 6.6 percent the previous week.
— Central Bank of Kenya (@CBKKenya) September 10, 2020
The Central Bank of Kenya (CBK) received bids worth KSh20.18 billion against its target of KSh24 billion at the weekly auction.
“Rates in the fixed income market have remained relatively stable due to the high liquidity in the money markets, coupled with the discipline by the Central Bank as they reject expensive bids. The government is 59.0 percent ahead of its prorated borrowing target of Kshs 112.2 billion having borrowed Kshs 178.5 billion,” said Cytonn Investments.