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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Investors uptake of Kenya T-bills rises with post election calm

NAIROBI (Xinhua) -- Kenya raised about 217 million U.S. dollars in Treasury bills auctions this week, as uptake rose for the second time in a row following successful conclusion of polls.

The central bank, as in the previous weeks, put up for sale 91, 182 and 364 days bills worth 233 million dollars.

From the 91-day bill, the apex bank was seeking 39 million dollars while the rest of the money was from the six months and one-year bills equally.

The 91-day bill attracted bids worth 41 million dollars out of the 39 million dollars sought, a subscription of 105 percent.

On the other hand, 182 day bill attracted bids worth 58 million dollars which was a subscription of 60 percent, with the security being the only one which performed below par.

The 364-day T-bill raised bids worth 122 million dollars, a subscription of 125 percent as the security continued to be investors’ favorite.

The apex bank absorbed nearly all the bids from the investors, an indication of increased borrowing appetite by the cash-strapped government.

Cytonn, a Nairobi-based investment firm, noted that the increased subscription rate was due to improved liquidity position in the market after polls.

According to Cytonn, however, the government would borrow more through T-bonds and bills in coming weeks since it is behind its domestic borrowing target for the current fiscal year, having recorded a net borrowing deficit of 120 million dollars against a target of 420 million dollars with the overall borrowing target throughout the financial year standing at 3.1 billion dollars.

             

 

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