Investors have shown an appetite for long-term Treasury bonds as they chase securities that are still paying high returns amid the recent fall in interest rates.
This month, the Central Bank of Kenya (CBK) held two separate auctions in which it reopened a total of four papers: a pair of 15-year bonds with 8.7 years and 11.4 years to maturity, a 20-year bond with seven years to maturity, and a 25-year bond that has 21.9 years until it falls due.
