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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Encouraging uptake as Kenyans float US $400 million LT bonds

NAIROBI (Xinhua) -- Kenya has issued for sale a 25-year Treasury bond as appetite for government securities among investors hits a new high.

The bond whose tenure is the longest in five years seeks to capitalize on high demand for the securities as the Kenyan government further stretches the borrowing period.

The Central Bank in the prospectus for the security seen on Monday said the 25-year Treasury bond (FXD 1/2018/25) has a coupon rate of 13.4 percent.

"The bond is worth 400 million dollars and is for budgetary support.

The sale period ends on June 19," said the apex bank on Monday.

Investor appetite for government paper has soared significantly.

Last week, Treasury bills were massively oversubscribed, with the overall subscription rate coming in at 211 percent from 186.1 percent.

The subscription rates for the 182- and 364-day papers were the most sought, with uptake standing at 174 and 323 percent respectively, despite decline in yields.

Analysts noted the government has floated the long-tenor bond as it seeks to reduce pressure on interest payment.

             

 

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