Kenya floats 400 mln USD T-bond for budgetary support amid low uptake

Source: Xinhua| 2018-08-11 05:02:41|Editor: Mu Xuequan
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NAIROBI, Aug. 10 (Xinhua) -- Kenya seeks to raise 400 million U.S. dollars this month through the sale of Treasury bond for budgetary support.

The money would be raised through a 10-year Treasury bond worth the amount which the Central Bank put up for sale on Thursday.

"The Central Bank acting in its capacity as fiscal agent for the Republic of Kenya invites bids for the above bond for budgetary support," said the bank in a prospectus seen Friday.

Investors will start bidding on August 10 and the bank will auction the bond on August 22.

The long-term government paper has been floated, however, at a time when uptake of the securities is low as investors focus on short-term Treasury bills.

Last month, the Kenyan government issued a 20-year Treasury bond worth 400 million dollars for budgetary support but it recorded a lacklustre performance, with the overall subscription rate coming in at 35 percent.