Investors leaned towards the longer 25-year tenor paper in the first phase of the Sh80 billion May Treasury bond sale, eyeing its higher interest rate amid falling yields across government securities.
The May issuance, which opened on April 16, comprised a pair of reopened 15 and 25-year bonds seeking Sh50 billion and whose sale closed on Wednesday, and a reopened 20-year bond targeting Sh30 billion, which will be in the market until May 7.
