Nairobi, Sept. 18 -- Investors bid Sh81.68 billion for the three-tenor Treasury bond whose sale concluded on Tuesday, with the government taking up Sh64.2 billion from the offer that targeted Sh50 billion.
A liquid money market supported the Treasury's efforts to raise the new debt, whose proceeds are earmarked for general budgetary expenditure. The funds took the State's net uptake from bond sales to Sh264 billion in the current fiscal year.
The issue consisted of reopenings of a 15-year bond first sold in 2010, another 15-year paper whose initial sale was in February this year and a 20-year bond sold in 2011. The bonds therefore have 5.3, 14.5 and 10.7 years to maturity, respectively.
Investors were most attracted to the 2020 15-year p...