T-Bills Subscription Rejuvenates During The Week

T-bills subscription rate improved during last week, with the overall subscription coming in at 93.9 percent, up from 23.8 percent recorded the previous week.
The improved subscription was attributed to improved liquidity in the money market as evidenced by the decline in the average interbank rate to 8.1 percent from 10.2 percent recorded the previous week.
Despite the improvement in T-bill subscription this week, T-bills remained under-subscribed for the 7th week in a row, due to the relatively tight liquidity in the money market.
The subscription rate for the 91-day, 182-day and 364-day papers rose to 70.1%, 70.3% and 126.9%, from 23.3%, 16.1% and 31.7%, recorded the previous week, respectively.
The yields on the 91-day T-bill remained unchanged at 7.3% while the yields on the 182-day and 364-day papers increased by 0.1% points to 8.3% and 9.7%, from 8.2% and 9.6% recorded the previous week, respectively.
The acceptance rate declined to 87.3%, from 95.0% recorded the previous week, with the government accepting 19.7 billion shillings of the 22.5 billion shillings worth of bids received.
Last week, the Kenyan Government went back to the primary market with a tap sale for the 10-year Treasury bond issue No. FXD 2/2018/10, with similar features as the initial issue floated the previous week in a bid to raise 13.8 billion shillings.
The coupon and yield are set at 12.5%. Last week, the government accepted 26.2 billion shillings compared to a target of 40.0 billion shillings at an average yield of 12.5%.
The tap sale period is 9-days, from 18th December 2018, to 27th December 2018, or upon attainment of quantum, whichever comes first.
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