The government raised just a third of its targeted Sh50 billion in the February Treasury bond sale, with investors instead preferring to pump funds into short-term Treasury bills on expectations that interest rates will soon go up in the country.
The bond, a dual tranche offering comprising a reopened 10-year paper first sold in 2017 and a new 10-year paper, was undersubscribed despite offering interest rates of 13.87 percent and 14.15 percent respectively.
