Capital Markets

M-Akiba bond closing Monday amid low uptake

NSE chief executive Geoffrey Odundo. FILE PHOTO | NMG
NSE chief executive Geoffrey Odundo. FILE PHOTO | NMG 

Investor interest in the mobile-based infrastructure bond M-Akiba rose last weekend as the sale entered the homestretch, but cash raised remained way below the Sh1 billion target.

About Sh236.09 million had been raised by 1:52pm Friday or 23.61 per cent of the target. But registration rose to 302,753 investors ahead of today’s deadline according to the Treasury.

Barring a last-minute surge in interest, the bond appears headed for massive under-subscription amidst electioneering noise.

The door remains open for subscription of up to Sh3.85 billion that currently seems unattainable.