Treasury bills subscription rate last week failed to impress mainly on account of bond sale. Central Bank of Kenya (CBK) in its capacity as a fiscal agent received bids totalling Sh17.68 billion, against a target of Sh24 billion. It accepted Sh14.55 billion, a 73.69 per cent overall subscription.
The 91-day paper attracted bids worth Sh1.46 billion, entirely accepted, against a target of Sh4 billion, which represented 36.71 per cent performance rate.
The 182-day paper attracted Sh7.78 billion bids against a target of Sh10 billion, with the Treasury accepting Sh5.11 billion. The tenor had 77.84 per cent performance rate.
Investors offered bids worth Sh8.43 billion for the 364-days paper, against a target of Sh10 billion, which represented 84.32 per cent performance rate.
The Treasury accepted Sh7.96 billion from the bids received.
“Treasury bills subscription underwhelmed in the week, in particular the 91-days tenor, mainly attributed to the then-ongoing primary bond sale period,” said Genghis Capital on Friday.
Similarly, the sale of Treasury bonds fell within money market analysts’ expectations.