Nairobi, July 24 -- Investors bid a record Sh181.8 billion in this month's Treasury bond sale, indicating a market flush with liquidity amid a dearth of investment options.
The Central Bank of Kenya (CBK) had taken the rare step of offering the bond in three tenors of five, 10 and 15 years-it normally floats single or dual tenor papers- which meant that all the different classes of investors were catered for. The bond targeted Sh60 billion.
The CBK, which is the government's fiscal agent, said it took up Sh80.9 billion out of the funds offered, leaving Sh100 billion on the table. The higher than targeted amount taken up is however 16.4 percent of the government's net domestic borrowing target of Sh494 billion for the current fiscal year, ...