Kenya Treasury Seeks Ksh 70 Billion From April Bonds

The Central bank of Kenya (CBK) raised Ksh 17 billion from the KSh10 billion target Tap Sale on the May bonds.

The Treasury is targeting KSh 70 billion from two bonds (FXD1/2022/003 and FXD1/2022/015) auctions in April 2022 from the domestic market.

The three-year paper seeks to raise Ksh 40 billion and a new 15-year paper worth Ksh.30 billion.

Yields on the two papers will be determined during the papers’ auctions which run to April 19.

In March, the National Treasury received Ksh.42.4 billion from two bond auctions off its target of raising Ksh 50 billion.

For instance, investors’ participation in the Tap sale of FXD1/2021/005, FXD1/2020/015, and FXD1/2021/025, bids worth Ksh 24.89 billion were received against a target of Ksh 31.50 billion, with the low subscription level ( 79.0 percent) down to investors hunting for higher yields.

Rates in the Fixed Income market have remained stable due to the relatively ample liquidity in the money market. The government is 7.8 percent ahead of its prorated borrowing target of Kshs 481.2 billion having borrowed Kshs 518.5 billion of the Kshs 658.5 billion borrowing targets for the FY’2021/2022.

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