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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

KA-CHING! Kenyan domestic debt hits U.S. $24.1 Billion dollars

NAIROBI (Xinhua) -- The Kenyan domestic debt rose by 436 million U.S. dollars in the last one month amid intense selling of government securities.

The surge saw the total domestic debt clock 24.1 billion dollars at the start of May, up from 23.7 billion dollars at the end of March, Central Bank of Kenya data show on Monday.

It is the first time that the domestic debt has surpassed the 24 billion dollars mark, according to the Central Bank, having ranged between the 23 billion dollars and 23.7 billion dollars level in March and April.

The debt has, however, been on an upward trajectory as appetite for the securities by local investors grows, with most of the issues oversubscribed.

Last week, the government offered for sale Treasury bills worth 240 million dollars but received bids worth 400 million dollars, a subscription of 166 percent, with the performance being a continuation of the past trend.

"Government securities market registered good performance in the week ending May 11, with over subscriptions registered for all tenors of Treasury bills on offer," noted the Central Bank.

Besides the Treasury bills, the government is this month selling a 400 million dollars bond for budgetary support.

The Treasury bond (FXD 1/2018/15) has a coupon set at 12.7 percent.

Commercial banks are the biggest holders of the domestic debt, with their share currently comprising 55 percent of the 24.1 billion dollars amount.

             

 

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