The subscription rates for the 91, 182 and 364-day papers came in at 24.1 percent, 47.5 percent, and 97.8 percent compared to 55.6 percent, 40.0 percent and 12.9 percent the previous week, respectively, with the 364-day paper experiencing a significant increase in subscription during the week. Yields on the 91, 182 and 364-day papers remained unchanged at 8.2 percent, 10.3 percent and 10.9 percent, respectively. The overall acceptance rate came in at 94.5 percent compared to 86.5 percent the previous week, with the government accepting a total of Kshs 14.6 bn of the Kshs 15.5 bn worth of bids received, against the Kshs 24.0 bn on offer in the auction. “There is pressure on rates on the short end of the yield curve, with the market bidding at an average of 9.8 percent, 160 bps above the acceptance rate, though the Central Bank rejected the more expensive bids, hence maintaining the rates stable,” says Cytonn Investments.
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