@BdAfrica

CBK rejects over Sh13bn in bids for 25-year bond - 2 months ago, 21 Mar 21:44

Charles Mwaniki

The Treasury has only raised a third of the targeted Sh50 billion in this month’s infrastructure bond after sub-par bidding and rejection of expensive funds by the Central Bank of Kenya (CBK) in the auction.

Investors bid Sh29.4 billion for the 25-year bond, with the CBK accepting just Sh16.3 billion out of it at an average rate of 12.65 percent. Investors had bid an average of 12.83 percent, which analysts had said was on the aggressive side and was likely to be rebuffed by the CBK.

Kingdom Securities senior analyst Mercyline Gatebi had said in pre-auction note that conservative bidders were likely to demand between 12.2 and 12.5 percent, while aggressive investor were expected to demand between 12.5 and 12.8 percent.

Sterling Capital analysts expected investors to ask for an average of 12.5 percent, and to get 12.45 percent.

Huge interest

This is the first bond to be undersubscribed this year, following the huge interest ...
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